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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/119199
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/119199


    Title: Are Investors Always Compensated for Information Risk? Evidence from Chinese Reverse-Merger Firms
    Authors: 陳嬿如
    Chen, Yenn-Ru
    江彌修
    Chiang, Mi-Hsiu
    翁嘉祥
    Weng, Chia-Hsiang
    Contributors: 會計系
    Keywords: Information risk;Financial reporting quality;Reverse mergers;Valuation
    Date: 2018.02
    Issue Date: 2018-08-06 17:21:08 (UTC+8)
    Abstract: Using a data sample of 93 Chinese reverse-merger (CRM) firms listed in the U.S. over the period from 2000 to 2011, we find supporting evidence of poorer financial reporting quality exhibited by CRM firms relative to their respective US counterparts. Our main result indicates that while poor financial reporting quality induces information risk/asymmetry, higher (lower) information risk fails to be associated with higher (lower) expected returns. In contrast with prior studies that document information risk as non-diversifiable and a priced risk factor, the value relevance of the CRM firms’ financial reporting quality, in terms of information asymmetry-based premiums, is found to be remote.
    Relation: Review of Quantitative Finance and Accounting
    Data Type: article
    DOI 連結: https://doi.org/10.1007/s11156-018-0706-9
    DOI: 10.1007/s11156-018-0706-9
    Appears in Collections:[會計學系] 期刊論文

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