The market reaction to international cross-listings: evidence from Depositary Receipts

被引:267
作者
Miller, DP [1 ]
机构
[1] Texas A&M Univ, Lowry Mays Coll, College Stn, TX 77843 USA
[2] Texas A&M Univ, Grad Sch Business, College Stn, TX 77843 USA
关键词
segmentation; depositary receipts; capital barriers;
D O I
10.1016/S0304-405X(98)00045-2
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper examines the stock price impact of international dual listings. The sample consists of 181 firms from 35 countries that instituted their first Depositary Receipt program over the period 1985-1995. The market reaction to a Depositary Receipt program is larger in magnitude and more pervasive than previously reported. The stock price reaction is related to choice of exchange, geographical location (i.e., emerging or developed markets), and avenues for raising equity capital (i.e., public versus private offerings), (C) 1999 Elsevier Science S.A. All rights reserved.
引用
收藏
页码:103 / 123
页数:21
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