Where is the Market? Evidence from Cross-Listings in the United States PDF Download
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Author: Michael Halling
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation.
Author: Michael Halling
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation.
Author: Michael Halling
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
We explore two main questions. First, can two markets for a company's shares coexist and, if so, what determines the distribution of trading volume across them? For firms cross-listed in the U.S. we find that in most cases the U.S. market attracts a significant fraction of total trading volume, and tends to be more active when the company is based in a country that is geographically close, has low financial development and relatively poor anti-insider trading protection. Moreover, the relative size of the U.S. market is larger if the company is small, volatile and high-tech. Second, we ask whether developing an active foreign market entails lower domestic trading activity. We find that for firms based in developed markets, the domestic turnover rate increases in the wake of cross-listing and remains permanently higher. In contrast, emerging market firms tend to experience a decrease in domestic trading activity.
Author:
Publisher:
ISBN:
Category : New products
Languages : en
Pages : 30
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Book Description
Author: Ms.Hali J. Edison
Publisher: International Monetary Fund
ISBN: 1451875703
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two important results emerge. First, the cross listing of an emerging market firm on a U.S. exchange is an important but short lived capital flows event, suggesting that the cross listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls are binding. Among the standard push and pull factors, global factors are important-slack U.S. economic activity is associated with increased flows to emerging markets-and U.S. investors appear to chase expected, but not past, returns.
Author: Liu, Lixian
Publisher: IGI Global
ISBN: 1466650486
Category : Business & Economics
Languages : en
Pages : 380
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Book Description
While many nations are still struggling from the global financial crisis and regaining their financial security, investors are considering alternative options for investing their money; and the secure financial sector is China appears as a viable option. International Cross-Listing of Chinese Firms examines the successful techniques and strategies that Chinese companies are using within their financial practices. It highlights the foreign-based multinational enterprise theories related to the major international stock markets. By providing the latest theories and research, this book will be beneficial for business practitioners, researchers, and managers interested in the relationship between cross-listing and firm valuation of Chinese firms.
Author: Thierry Foucault
Publisher: Oxford University Press
ISBN: 0197542069
Category : Capital market
Languages : en
Pages : 531
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Book Description
"The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Author: Geert Bekaert
Publisher: Cambridge University Press
ISBN: 110854715X
Category : Business & Economics
Languages : en
Pages : 1047
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Book Description
This new and fully updated edition of International Financial Management blends theory, data analysis, examples and practical case situations to equip students and business leaders with the analytical tools they need to make informed financial decisions and manage the risks that businesses face in today's competitive global environment. Combining theory and practice, the authors offer the reader a multitude of real-world examples and case studies, emphasising fundamental concepts, principles and analytical theories to enable students to understand not only what to do when confronted with an international financial decision, but why that choice is the correct one. Features include: real data analysis - all fully updated for the third edition; extended cases illustrating practical application of theory; point-counterpoints offering insight into contentious issues; concept boxes that explore and illustrate key concepts; and end-of-chapter questions. Suitable for M.B.A and advanced undergraduate business students taking a course in international financial management or international finance.
Author: Christopher C. Géczy
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 286
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Book Description
Author: Geoffrey Hale
Publisher: University of Toronto Press
ISBN: 1487525710
Category : BUSINESS & ECONOMICS
Languages : en
Pages : 625
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Book Description
This volume addresses the governance and evolution of Canada's international policies, and the challenges facing Canada's international policy relations on multiple fronts.
Author: Geoffrey Poitras
Publisher: Edward Elgar Publishing
ISBN: 0857938185
Category : Business & Economics
Languages : en
Pages : 329
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Book Description
The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently underway and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section look to previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.
