The World of International Cross-listings PDF Download
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Author: Elena Maria Humanes Martin
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Book Description
Author: Elena Maria Humanes Martin
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Book Description
Author: Christopher C. Géczy
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 286
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Book Description
Author: G. Andrew Karolyi
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 62
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Book Description
Author: Ruth Janine Freedman
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category : Securities
Languages : en
Pages : 192
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Book Description
Author: Tung Lam Dang
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
In this paper, we investigate the effects of international cross-listings on commonality in liquidity. We find that cross-listings have asymmetric effects on cross-listed stocks' liquidity commonality that include reducing the stocks' liquidity commonality with the local market and increasing the stocks' liquidity commonality with the host market. We also find that the negative impact of cross-listings on home liquidity commonality is more pronounced for stocks from countries with high market segmentation, an opaque information environment, and a poor institutional infrastructure. These results suggest that cross-listings reduce the vulnerability of stocks' liquidity to aggregate liquidity shocks in the local market.
Author: G. Andrew Karolyi
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 0
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Book Description
Author: Ruth Janine Freedman
Publisher:
ISBN:
Category : Securities
Languages : en
Pages : 60
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Book Description
Author: Steven S. Crawford
Publisher:
ISBN:
Category : Investments, Foreign
Languages : en
Pages : 182
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Book Description
Author: Nuno Fernandes
Publisher:
ISBN:
Category :
Languages : en
Pages : 53
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Book Description
We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price informativeness for developed market firms. For firms in emerging markets, however, cross-listing decreases price informativeness. We also find that price informativeness increases the most for firms in countries with the greatest investor protection. The added analyst coverage associated with cross-listing likely explains the findings in emerging markets, rather than changes in liquidity, ownership, or accounting quality. Our results indicate that the added analyst coverage fosters the production of marketwide information, rather than firm-specific information.
Author: Laura Kalinska
Publisher: GRIN Verlag
ISBN: 9783668214026
Category :
Languages : en
Pages : 32
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Book Description
Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 96/110, course: Principles of International Finance, language: English, abstract: This thesis project aims to test the hypothesis whether or not there exists enough empirical evidence to prove that companies from developed countries with well-functioning capital markets have seen deteriorating benefits from cross-listing in the United States. We find evidence that support our hypothesis in light of the significant number of European companies terminat-ing their U.S. cross-listings after requirements for deregistering listings from the U.S. became less stringent in the year 2007. The trend also continued with the number of cross-listings by companies from the developed world steadily declining during the subsequent five years. The most cited reasons for cross-listing in the United States, such as greater access to investors, liquidity, a higher valuation and thus a lower cost of capital seems not to hold as strongly anymore. At least not for companies that come from countries where its capital markets have experienced a steady development in corporate governance standards so as to match that of the United States. Evidence point to the fact that the benefits that held for all non U.S. firms still hold strongly only for those companies coming from emerging economies and whose equity market standards are still well below that of stock exchanges in the United States.
