What if trading location is different from business location? Evidence from the Jardine Group
成果类型：
Article
署名作者：
Chan, K; Hameed, A; Lau, ST
署名单位：
Hong Kong University of Science & Technology; National University of Singapore; Nanyang Technological University
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/1540-6261.00564
发表日期：
2003
页码：
1221-1246
关键词：
摘要：
We examine the price behavior and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates the Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time-varying betas, migration of trading activity, and currency and tax distortions. We conclude that price fluctuations are affected by country-specific investor sentiment.