Information leakage prior to market switches and the importance of Nominated Advisers

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-11-01 DOI:10.1016/j.bar.2024.101461

Antonios Siganos , Angelos Synapis , Ioannis Tsalavoutas

引用次数: 0

Abstract

This study tests the information leakage hypothesis prior to the public announcement of firms switching between the Alternative Investment Market (AIM) and the Main Market (MM) in the UK. We find significant abnormal stock returns 60 trading days prior to the announcement of these switches. The results are robust after controlling for switching anticipation, rumors, other major corporate announcements, and firm performance one year prior to the switch. We also show that having a reputable Nominated Adviser (Nomad) significantly moderates the abnormal stock returns prior to market switches. However, this effect does not hold when Nomads also act as brokers in firms that switch markets. Overall, these findings provide novel evidence about abnormal stock returns prior to the announcement of market switches in the UK and the role of Nomads. As such, we shed light on the significance and the limits of decentralized regulation on informed trading activity.

查看原文本刊更多论文

市场转换前的信息泄露和指定顾问的重要性

本研究对英国公司在另类投资市场（AIM）和主板市场（MM）之间转换的公告发布之前的信息泄漏假说进行了检验。我们发现，在宣布这些转换之前的 60 个交易日，股票回报率会出现大幅异常。在对转换预期、传言、其他重大公司公告以及转换前一年的公司业绩进行控制后，结果是稳健的。我们还发现，拥有声誉卓著的提名顾问（Nomad）对市场转换前的股票异常回报有显著的调节作用。然而，当提名顾问同时也是转换市场公司的经纪人时，这种效应并不成立。总之，这些发现提供了有关英国市场转换公告发布前股票异常回报以及 "代理人 "作用的新证据。因此，我们揭示了分散监管对知情交易活动的意义和限制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.