Download or read book The Effect of Dual Listing written by Frank K. Reilly and published by . This book was released on 1977 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Valuation Impact of Dual Listing on International Exchanges written by Ana Paula Serra and published by . This book was released on 1998 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects on stock returns of dual-listing on an international exchange. My sample consists of 70 firms from 10 emerging markets that dual-listed on the NYSE, NASDAQ and SEAQ-I over the period 1991-1995. The theoretical motivation for this paper lies in the context of the segmentation of international capital markets. When a firm dual-lists, it makes its shares available to a broader investor base resulting in better risk sharing. In the particular case of emerging markets, where barriers to investment are more severe in the sense that international investment is, in the limit, precluded by regulatory and ownership barriers, we expect those effects to be more pronounced. Previous literature has looked at the effects of foreign listings and has found support for investor?s awareness and liquidity arguments but is inconclusive regarding the capital markets segmentation explanation. In this paper, I re-examine that issue: I evaluate whether an international dual-listing has any significant effect on returns and I proceed to investigate whether there is evidence to support an International Asset Pricing based explanation. In addition I compare the impact of US and London SEAQ-I listings. My results show that firms experience significant positive abnormal returns before listing and a significant decline in returns following listing and this effect is more pronounced for emerging markets? firms. Moreover, for these firms, the valuation impact is similar across exchanges.
Download or read book Dual Listings on International Exchanges written by Ana Paula Serra and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects on stock returns of dual-listing on an international exchange. My sample consists of 70 firms from 10 emerging markets that dual-listed on the NYSE, NASDAQ and SEAQ-I over the period 1991-1995. The theoretical motivation for this paper lies in the context of the segmentation of international capital markets. When a firm dual-lists, it makes its shares available to a broader investor base resulting in better risk sharing. In the particular case of emerging markets, where barriers to investment are more severe in the sense that international investment is, in the limit, precluded by regulatory and ownership barriers, we expect those effects to be more pronounced. Previous literature has looked at the effects of foreign listings and has found support for investoris awareness and liquidity arguments but is inconclusive regarding the capital markets segmentation explanation. In this paper, I re-examine that issue: I evaluate whether an international dual-listing has any significant effect on returns and I proceed to investigate whether there is evidence to support an International Asset Pricing based explanation. In addition I compare the impact of US and London SEAQ-I listings. My results show that firms experience significant positive abnormal returns before listing and a significant decline in returns following listing and this effect is more pronounced for emerging markets firms. Moreover, for these firms, the valuation impact is similar across exchanges.
Download or read book The Impact of International Dual listing on Stocks written by Luis Fernando Stein Velasco and published by . This book was released on 1998 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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:
Download or read book The Effects of International Dual Listings on Stock Price Behavior written by Aswath Damodaran and published by . This book was released on 1993 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competition and Co Operation Among Exchanges written by Thomas J. Chemmanur and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze firms' choice between exchanges to list their equity (including multiple listings), and exchanges' choice of listing standards for firms which apply for listing, in an environment of competition and co-operation among exchanges. We model an equity market characterized by asymmetric information, where outsiders can reduce their informational disadvantage relative to insiders by producing (noisy) information about firms at a cost. Exchanges are populated by two kinds of investors: sophisticated investors, with a cost advantage in producing information (low-cost investors), and ordinary investors, without such a cost-advantage (high-cost investors); the proportions of these two kinds of investors vary across exchanges. While firms are short-lived agents, exchanges are long-lived, value-maximizing agents, whose stringency in their listing and disclosure standards evolve over time. Exchanges also use their listing standards as a tool in competing with other exchanges for listings by firms. However, outsiders can partially infer the rigor of an exchange's listing policy by studying the subsequent performance of firms which have obtained listing there. The listing standards chosen by an exchange therefore affects its reputation. The listing choices of firms between exchanges, the valuation effects of listings on firm equity, and exchanges' listing standards emerge endogenously in equilibrium. Our model has implications for: the relationship between firm characteristics and the benefits from cross (and dual) listing; the price effects of cross listings; the relationship between cross listing and financial analyst following; the relationship between an exchange's reputation and its listing standards; the impact of competition on an exchange's listing standard; the impact of an alliance between exchanges on the listing standards of the allied exchange and of exchanges competing with it; and for the optimal regulation of exchanges.
Download or read book Effects of Cross listing of Non United States Firms on the New York Stock Exchange written by Adil Oran and published by . This book was released on 1999 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investment in Greater China written by Kluwer Law International (Firm) and published by Kluwer Law International B.V.. This book was released on 2003-01-01 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in Greater China provides extensive and up-to-date information on the concepts governing foreign investments in China, Hong Kong and Taiwan. The book, written by hands-on experts in a pragmatic style, explores the full spectrum of Greater China?s investment laws and practices including: legal system; land tenure; investment structure; business regulation; taxation; import and export controls; exchange control; regulation of local finance; labour and nationality law; intellectual property; movement of goods; insurance and disputes settlement. Features of this book include comprehensive coverage and sectional user-friendly index to ensure speedy location of information. Investors, legal and tax practitioners, corporate advisers, management consultants and business professionals who need to participate effectively in the Greater China?s investment environment will benefit from Investment in Greater China. This title forms part of the Asia Business Law Series. The Asia Business Law Series is published in cooperation with CCH Asia and provides updated and reliable practical guidelines, legislation and case law, in order to help practitioners, policy makers and scholars understand how business is conducted in the rapidly growing Asian market. This book was originally published by CCH Asia as the loose-leaf Investment in Greater China
Download or read book Why Do Companies List Shares Abroad written by G. Andrew Karolyi and published by London : Richard Ivey School of Business, University of Western Ontario. This book was released on 1997 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Market Integration in South Asia written by Sourajit Aiyer and published by Elsevier. This book was released on 2016-11-03 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Market Integration in South Asia: Realizing the SAARC Opportunity discusses the potential Capital Market Products/Activities which can create closer inter-linkage of the South Asian capital markets and help local/global investors benefit from this economic opportunity. While some ideas may be implementable now; others have future promise as the regional markets further mature. The book demonstrates both retail and institutional investor interest in this combined high-growth region by offering scope for yield, diversification and risk mitigation, maximized upside from multiple growth markets, minimized downside through low-correlation constituents, and more. The book's core theme addresses the challenges towards deepening the awareness and acceptability of regional economies. Only when this happens will the asset flows increase into the regional market products, providing scale-up that will aid viability for these products. Presents unconventional ideas for converting SAARC’s unique opportunities into ideas for capital markets Includes socioeconomic issues as a part of the discussion Offers a unique perspective on how the region’s economic opportunities can be translated into actual products Includes numerous charts and figures on South Asia’s economic state, its financial opportunities, and projected growth
Download or read book Computational Management written by Srikanta Patnaik and published by Springer Nature. This book was released on 2021-05-29 with total page 682 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a timely review of cutting-edge applications of computational intelligence to business management and financial analysis. It covers a wide range of intelligent and optimization techniques, reporting in detail on their application to real-world problems relating to portfolio management and demand forecasting, decision making, knowledge acquisition, and supply chain scheduling and management.
Download or read book The Impact on A H Dual Listed Stocks from Implementation of the Shenzen Hong Kong Stock Connect written by Yucheng Yang and published by . This book was released on 2017 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study found that the correlation between the Shenzhen index, Shenzhen 100 index and Hang Seng index has decreased since the implementation of the Shenzhen Connect. Moreover, there is a decreased correlation for the 16 dual-listed stocks between Shenzhen and Hong Kong. It is possible that the high valuation of Shenzhen stocks compared to Hong Kong stocks is the main reason. This study used 16 dual-listed stocks in the Shenzhen Market with a two-year sample period from 1 January 2016 to 31 December 2017 as the sample to test the impact of the implementation of the Shenzhen Connect on price gap changes of these dual-listed stocks. Moreover, this study looks at the impact of interest rate changes in China and the US on the price gap of dual-listed stocks. This study found that the price gap was enlarged after the implementation of the Shenzhen Connect. The potential explanation includes different investment preferences between Chinese investors and Hong Kong investors. However, the results for the Shenzhen Connect does not appear to be robust to an alternate definition of the price gap variables. The study found Chinese investors are insensitive to interest rate changes in China. Moreover, an increase in the US interest rate will increase the price gap of dual-listed stocks since capital flow back to the US from Hong Kong detriments the Hong Kong stock market. At the same time, the interest rate difference between the US and China positively affects the price gap of dual-listed stocks. The positive coefficient might suggest a combination of the insensitivity of interest rate changes of Chinese investors and capital outflow from Hong Kong to the US. This study also examined liquidity preference hypothesis, asymmetric information hypothesis, demand elasticity hypothesis and risks preference hypothesis. Consistent results are found with other literature.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book A Breakdown of the Valuation Effects of International Cross Listing written by Arturo Bris and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing on prices and we are able to separate the different sources of the benefits of cross-listing. Our results show that even though the market segmentation and bonding effects are both statistically significant, the economic significance of segmentation is more than double that of bonding. Furthermore, we document an economically and statistically significant increasse in the liquidity of both share classes after the listing. Overall, our results explain why less and less firms are willing to list in the U.S.: Sarbanes Oxley has increased the cost of adopting better governance while its benefits are not substantial; and market segmentation has decreased significantly in the last years.
Download or read book The Impact of the Regional Cross listing of Stocks on Firm Value in Sub Saharan Africa written by Olatundun Janet Adelegan and published by . This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
