Where is the market? Evidence from cross-listings in the United States

• 成果类型: Article
• 署名作者: Halling, Michael; Pagano, Marco; Randl, Otto; Zechner, Josef
• 署名单位: University of Vienna; Utah System of Higher Education; University of Utah; University of Naples Federico II; University of Vienna
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhm066
• 发表日期: 2008
• 页码: 725
• 关键词: home bias; liquidity; INFORMATION; geography; preference; investors; analysts; DECISION; matter; stocks

摘要

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.