International stock exchange listing and the reduction of political risk

Article Abstract:

Hong Kong-based company stocks that are quoted on international stock exchanges, such as London's International Stock Exchange (ISE), have been able to reduce political risk for these companies. Hong Kong companies dashed for international listing during the 1980s after the 1984 Sino-British Joint Declaration that returns Hong Kong to China effective Jul. 1, 1997. A negative price effect for stocks was observed before the first trading day on the ISE. No major price effect was observed after notifications of corporate domicile relocations. A significant increase in trading volume was found around the period of these notifications.

Management, Stock-exchange, Corporations, Hong Kong, Securities listing, Corporations, Hong Kong

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Corporate groups, liquidity, and overinvestment by Belgian firms quoted on the Brussels stock exchange

Article Abstract:

No relationship exists between internal cash flow and investment of companies engaged in internal capital market borrowing. A sample of major Belgian non-financial companies quoted on the Brussels stock exchange revealed that the investment of companies receiving loans from an internal capital market is not influenced by internal cash flow. Although cash flow may have a marked impact on the investment of other companies in the sample, such impact can be attributed to overinvestment.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Evaluation, Investments, Securities, Cash flow, Euronext Brussels

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Stock-price reaction to equity issues of utilities: the influence of regulatory climate

Article Abstract:

An event-study technique was utilized to assess the reaction of stock prices to announcements of new equity of utilities. Existing studies state that stock-prices react negatively to such news and that industrial firms react independently of utilities. Results support previous findings, showing an unfavorable reaction of stock prices of utilities. However, the regulatory practices did not seem to significantly influence the corresponding price reactions.

Regulation and Administration of Communications, Electric, Gas, and Other Utilities, Utilities Regulation, Research, Laws, regulations and rules, Prices and rates, Stocks, Public utilities, Stock prices, Industry regulations, Utility regulations, Government regulation of business, Trade regulation

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