1977 may also contain this relation. Canadian firms' cross-listing on a U.S. exchange is linked to improved disclosure. No significant association between the amount of disclosure and the level of stock market risk exists. Indirect costs of competitive disadvantage are important in disclosure policy decisions. Overall, the results with unweighted and weighted indices are substantially equivalent.
Results also indicate that nationality is an important determinant of disclosure.
The results show that there are significant differences in financial reporting between internationally listed and domestically listed firms. Unexpected disclosures are found to impact prices for a 10 day period, beginning with the announcement date for both permanent and for total earnings.