The volatility of return revisions and financial statement literacy in emerging markets: the case of cross-listed Chinese firms

Callen, Jeffrey L., Lai, Karen M.Y. and Wei, Steven X. 2016, The volatility of return revisions and financial statement literacy in emerging markets: the case of cross-listed Chinese firms, Journal of business finance & accounting, vol. 43, no. 5-6, May-June, pp. 572-596, doi: 10.1111/jbfa.12180.

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Title The volatility of return revisions and financial statement literacy in emerging markets: the case of cross-listed Chinese firms
Author(s) Callen, Jeffrey L.
Lai, Karen M.Y.ORCID iD for Lai, Karen M.Y. orcid.org/0000-0003-1639-7658
Wei, Steven X.
Journal name Journal of business finance & accounting
Volume number 43
Issue number 5-6
Season May-June
Start page 572
End page 596
Total pages 25
Publisher Wiley
Place of publication London, Eng.
Publication date 2016-05
ISSN 0306-686X
Keyword(s) variance decomposition
domestic versus foreign investors
Chinese equity markets
Summary Are foreign investors in emerging markets more financial statement literate than domestic investors? If so, this conjecture implies that foreign (domestic) investors are more likely to revise their return expectations to cash flow (discount rate) news. It also implies that cash flow news and discount rate news are likely to be uncorrelated when evaluating return revisions by domestic investors, whereas cash flow news and discount rate news are likely to be negatively correlated when evaluating return revisions by foreign investors. The Chinese equity markets yield robust empirical results that are consistent with both hypotheses.
Language eng
DOI 10.1111/jbfa.12180
Field of Research 150201 Finance
150199 Accounting, Auditing and Accountability not elsewhere classified
1501 Accounting, Auditing And Accountability
1502 Banking, Finance And Investment
Socio Economic Objective 910206 Market-Based Mechanisms
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Wiley
Persistent URL http://hdl.handle.net/10536/DRO/DU:30090709

Document type: Journal Article
Collections: Department of Accounting
2018 ERA Submission
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