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Author : Elena Maria Humanes Martin
Publisher :
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.:/5 (122 download)
Download or read book The World of International Cross-listings written by Elena Maria Humanes Martin and published by . This book was released on 2007 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christopher C. Géczy
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.3/5 (243 download)
Download or read book The World of Cross-listings and Cross-listings of the World written by Christopher C. Géczy and published by . This book was released on 2004 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : G. Andrew Karolyi
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (67 download)
Download or read book The World of Cross-listings and Cross-listings of the World written by G. Andrew Karolyi and published by . This book was released on 2004 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lixian Liu
Publisher :
ISBN 13 : 9781466650503
Total Pages : 0 pages
Book Rating : 4.6/5 (55 download)
Download or read book International Cross-Listing of Chinese Firms written by Lixian Liu and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book examines the successful techniques and strategies that Chinese companies are using within their financial practices, highlighting the foreign-based multinational enterprise theories related to the major international stock markets"--
Author : Ruth Janine Freedman
Publisher : Ann Arbor, Mich. : University Microfilms International
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (365 download)
Download or read book International Cross-listing written by Ruth Janine Freedman and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1991 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tung Lam Dang
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)
Download or read book Cross-Listings and Liquidity Commonality Around the World written by Tung Lam Dang and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (67 download)
Download or read book The World of Cross-listings and Cross-listings of the World written by G. Andrew Karolyi and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ruth Janine Freedman
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Theory of the Impact of International Cross-listing written by Ruth Janine Freedman and published by . This book was released on 1991 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven S. Crawford
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (166 download)
Download or read book What's Driving Cross-listing Effects? written by Steven S. Crawford and published by . This book was released on 2007 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nuno Fernandes
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)
Download or read book Does International Cross-Listing Improve the Information Environment? written by Nuno Fernandes and published by . This book was released on 2007 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Harold Kent Baker
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book International Cross-listing and Visibility written by Harold Kent Baker and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laura Kalinska
Publisher : GRIN Verlag
ISBN 13 : 9783668214026
Total Pages : 32 pages
Book Rating : 4.2/5 (14 download)
Download or read book Trading Company Shares at Multiple Stock Exchanges. Costs and Benefits of U.S. Cross-Listings written by Laura Kalinska and published by GRIN Verlag. This book was released on 2016-06-17 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Yong-chern Su
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)
Download or read book Cross Return, Volatility and Order Imbalance in International Cross Listings written by Yong-chern Su and published by . This book was released on 2010 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of financial markets motivates plenty of non-U.S. companies listing their shares on the U.S. exchanges. Following Eun and Sabherwal (2003), we investigate the extent to which the NYSE and the TSX contribute to price discovery of the Canadian Stocks listing on these exchanges. By examining the effect of contemporaneous order imbalances on cross-border stock returns, we find that contemporaneous imbalance on the NYSE is significant to the stock returns on the TSX. Since the U.S. exchanges are the most liquid and largest exchanges in the world, they play a leading role in capital markets. Our findings imply that the NYSE significantly contributes to price discovery.Besides, we apply GARCH (1, 1) model to test the effect of contemporaneous imbalance on the cross-listing returns and the effect of trading volume on foreign return variance. We find that there is a significant influence of trading volume in domestic/foreign markets on the volatility of the stock return in foreign/domestic markets in our empirical results. The evidence shows that cross-listing helps informed traders distribute their trading across the two markets to make use of private information between the markets. This activity results in the increasing generation of private information, and then causes an increase in the stock return variance. However, contemporaneous order imbalance on the TSX/NYSE does not have an important impact on the stock returns on the NYSE/TSX. It means that order is not a good indicator of information flow. The significance in GARCH (1, 1) model comes from trading volume to the return volatility, not to the stock return. The insignificance for effect of order imbalance on the cross-board return represents limited capital flow between countries. The view supports evidence of segmentation between Canadian and the U.S. markets suggested by Foerster and Karolyi (1993).
Author : Ms.Hali J. Edison
Publisher : International Monetary Fund
ISBN 13 : 1451875703
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets written by Ms.Hali J. Edison and published by International Monetary Fund. This book was released on 2003-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Curtis J. Milhaupt
Publisher : Columbia University Press
ISBN 13 : 0231127138
Total Pages : 579 pages
Book Rating : 4.2/5 (311 download)
Download or read book Global Markets, Domestic Institutions written by Curtis J. Milhaupt and published by Columbia University Press. This book was released on 2003 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors and managers now routinely face counterparts who operate within different legal systems and who do not share similar social priorities. This tension between global markets and domestic institutions fuels the debate on corporate-governance reform; it also frames the debate in this volume.
Author : Liu, Lixian
Publisher : IGI Global
ISBN 13 : 1466650486
Total Pages : 380 pages
Book Rating : 4.4/5 (666 download)
Download or read book International Cross-Listing of Chinese Firms written by Liu, Lixian and published by IGI Global. This book was released on 2014-01-31 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Sergei Sarkissian
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (129 download)
Download or read book Cross-Listing Waves written by Sergei Sarkissian and published by . This book was released on 2017 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity model implications and economic synergy arguments of cross-listing decisions, cross-listing waves in a given host country coincide with the outperformance of host and proximate home country's economies and financial markets. The valuation gains from listings associated with cross-listing waves are transitory, supporting the market timing component in these decisions. Our results provide novel evidence of non-monotonic market development across countries and over time.
