Earnings announcements, trading volume, and price discovery: evidence from dual class firms

Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Wang, Qin [verfasserIn] Yang, Hsiao-Fen [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2013

Schlagwörter:	Price discovery Dual class Earnings announcements Trading volume

Übergeordnetes Werk:	Enthalten in: Review of quantitative finance and accounting - Dordrecht [u.a.] : Springer, 1991, 44(2013), 4 vom: 29. Nov., Seite 669-700
Übergeordnetes Werk:	volume:44 ; year:2013 ; number:4 ; day:29 ; month:11 ; pages:669-700

Links:	Volltext

DOI / URN:	10.1007/s11156-013-0422-4

Katalog-ID:	SPR017166012

Internformat


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520			\|a Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms.
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allfields	10.1007/s11156-013-0422-4 doi (DE-627)SPR017166012 (SPR)s11156-013-0422-4-e DE-627 ger DE-627 rakwb eng 330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Wang, Qin verfasserin aut Earnings announcements, trading volume, and price discovery: evidence from dual class firms 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms. Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213 Yang, Hsiao-Fen verfasserin aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 44(2013), 4 vom: 29. Nov., Seite 669-700 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:44 year:2013 number:4 day:29 month:11 pages:669-700 https://dx.doi.org/10.1007/s11156-013-0422-4 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE 85.25 ASE 85.30 ASE AR 44 2013 4 29 11 669-700
spelling	10.1007/s11156-013-0422-4 doi (DE-627)SPR017166012 (SPR)s11156-013-0422-4-e DE-627 ger DE-627 rakwb eng 330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Wang, Qin verfasserin aut Earnings announcements, trading volume, and price discovery: evidence from dual class firms 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms. Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213 Yang, Hsiao-Fen verfasserin aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 44(2013), 4 vom: 29. Nov., Seite 669-700 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:44 year:2013 number:4 day:29 month:11 pages:669-700 https://dx.doi.org/10.1007/s11156-013-0422-4 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE 85.25 ASE 85.30 ASE AR 44 2013 4 29 11 669-700
allfields_unstemmed	10.1007/s11156-013-0422-4 doi (DE-627)SPR017166012 (SPR)s11156-013-0422-4-e DE-627 ger DE-627 rakwb eng 330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Wang, Qin verfasserin aut Earnings announcements, trading volume, and price discovery: evidence from dual class firms 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms. Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213 Yang, Hsiao-Fen verfasserin aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 44(2013), 4 vom: 29. Nov., Seite 669-700 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:44 year:2013 number:4 day:29 month:11 pages:669-700 https://dx.doi.org/10.1007/s11156-013-0422-4 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE 85.25 ASE 85.30 ASE AR 44 2013 4 29 11 669-700
allfieldsGer	10.1007/s11156-013-0422-4 doi (DE-627)SPR017166012 (SPR)s11156-013-0422-4-e DE-627 ger DE-627 rakwb eng 330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Wang, Qin verfasserin aut Earnings announcements, trading volume, and price discovery: evidence from dual class firms 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms. Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213 Yang, Hsiao-Fen verfasserin aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 44(2013), 4 vom: 29. Nov., Seite 669-700 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:44 year:2013 number:4 day:29 month:11 pages:669-700 https://dx.doi.org/10.1007/s11156-013-0422-4 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE 85.25 ASE 85.30 ASE AR 44 2013 4 29 11 669-700
allfieldsSound	10.1007/s11156-013-0422-4 doi (DE-627)SPR017166012 (SPR)s11156-013-0422-4-e DE-627 ger DE-627 rakwb eng 330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Wang, Qin verfasserin aut Earnings announcements, trading volume, and price discovery: evidence from dual class firms 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms. Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213 Yang, Hsiao-Fen verfasserin aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 44(2013), 4 vom: 29. Nov., Seite 669-700 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:44 year:2013 number:4 day:29 month:11 pages:669-700 https://dx.doi.org/10.1007/s11156-013-0422-4 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE 85.25 ASE 85.30 ASE AR 44 2013 4 29 11 669-700
language	English
source	Enthalten in Review of quantitative finance and accounting 44(2013), 4 vom: 29. Nov., Seite 669-700 volume:44 year:2013 number:4 day:29 month:11 pages:669-700
sourceStr	Enthalten in Review of quantitative finance and accounting 44(2013), 4 vom: 29. Nov., Seite 669-700 volume:44 year:2013 number:4 day:29 month:11 pages:669-700
format_phy_str_mv	Article
institution	findex.gbv.de
topic_facet	Price discovery Dual class Earnings announcements Trading volume
dewey-raw	330
isfreeaccess_bool	false
container_title	Review of quantitative finance and accounting
authorswithroles_txt_mv	Wang, Qin @@aut@@ Yang, Hsiao-Fen @@aut@@
publishDateDaySort_date	2013-11-29T00:00:00Z
hierarchy_top_id	320479706
dewey-sort	3330
id	SPR017166012
language_de	englisch
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We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. 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author	Wang, Qin
spellingShingle	Wang, Qin ddc 330 bkl 85.00 bkl 85.25 bkl 85.30 misc Price discovery misc Dual class misc Earnings announcements misc Trading volume Earnings announcements, trading volume, and price discovery: evidence from dual class firms
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topic_title	330 650 ASE 85.00 bkl 85.25 bkl 85.30 bkl Earnings announcements, trading volume, and price discovery: evidence from dual class firms Price discovery (dpeaa)DE-He213 Dual class (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Trading volume (dpeaa)DE-He213
topic	ddc 330 bkl 85.00 bkl 85.25 bkl 85.30 misc Price discovery misc Dual class misc Earnings announcements misc Trading volume
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title	Earnings announcements, trading volume, and price discovery: evidence from dual class firms
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title_full	Earnings announcements, trading volume, and price discovery: evidence from dual class firms
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title_sort	earnings announcements, trading volume, and price discovery: evidence from dual class firms
title_auth	Earnings announcements, trading volume, and price discovery: evidence from dual class firms
abstract	Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms.
abstractGer	Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms.
abstract_unstemmed	Abstract This paper investigates price discovery between control shares (the superior voting class) and public shares (the inferior voting class) issued by 62 dual-class firms around 148 quarterly earnings announcements from January 2002 to June 2008. We document substantial informed trading in both control and public shares. The average price discovery of control shares is 46.6 % for positive events and 40.5 % for negative events during the event periods. In addition, before the earnings announcements, abnormal trading volume and price discovery increase significantly in control shares relative to public shares. We find price discovery of control shares increases with relative volume of control shares to public shares and relative bid-ask spread but decreases with relative institutional ownership and relative volatility. Our results suggest that publicly traded superior voting class contributes to price discovery substantially, especially before earnings announcements when the information asymmetry is high. The listing of control shares not only enhances price efficiency, but also provides opportunities for outside sophisticated investors to get voting rights and engage in monitoring. Our study sheds new light on the issues of price discovery and corporate governance of dual-class firms.
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title_short	Earnings announcements, trading volume, and price discovery: evidence from dual class firms
url	https://dx.doi.org/10.1007/s11156-013-0422-4
remote_bool	true
author2	Yang, Hsiao-Fen
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doi_str	10.1007/s11156-013-0422-4
up_date	2024-07-04T02:26:53.016Z
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