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政大典藏 > College of Commerce > Department of Accounting > Periodical Articles > Item 140.119/119199

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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:	2019-01
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, Vol.52, No.1, pp.159-196
Data Type:	article
DOI link:	https://doi.org/10.1007/s11156-018-0706-9
DOI:	10.1007/s11156-018-0706-9
Appears in Collections:	[Department of Accounting] Periodical Articles

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