Download or read book The Value Impact of American Stock Listings on Foreign Stock Exchanges written by Elton George McGoun and published by . This book was released on 1987 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Price Liquidity Volatility and Volume of Cross listed Stocks written by Olga Dodd and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the possible implications of international cross-listings for the wealth of shareholders, for stock liquidity and volatility, and for the distribution of trading volumes across both the domestic and foreign stock markets where the shares are traded. For the purpose of clarity, these three issues are analysed in three empirical chapters in the thesis. The first empirical issue examined in this thesis is the effects of international cross-listings on shareholders? wealth. This is discussed in chapter 2. The chapter compares the gains in shareholders? wealth that result from cross-listing in the American, British, and European stock exchanges and then evaluates their determinants by applying various theories on the wealth effects of cross-listing. Moreover, it evaluates how the wealth effect of cross-listing has changed over time reflecting the implications of the significant developments in capital markets that have taken place in recent years. In particular, the effects of the introduction of the Euro in Europe and the adoption of the Sarbanes-Oxley Act in the US are analysed. The findings suggest that, on average, cross-listing of stocks enhances shareholders? wealth but the gains are dependent on the destination market. In addition, the regulatory and economic changes in the listing environment not only alter the wealth effects of cross-listings, but also affect the sources of value creation. Overall, this chapter provides in-depth insights into the motivations for, and the benefits of, cross-listings across different host markets in changing market conditions. The second empirical issue examined is the impact of cross-listing and multimarket trading on stock liquidity and volatility (chapter 3). Cross-listing leads to additional mandatory disclosure in order to comply with the requirements of the host market. Such requirements are expected to reduce information asymmetry among various market participants (corporate managers, stock dealers, and investors). An enhanced information environment, in turn, should increase stock liquidity and reduce stock return volatility. The findings of this study suggest that the stock liquidity and volatility improves after cross-listing on a foreign stock exchange. Moreover, this study distinguishes between cross-listing and cross-trading. The distinction is important because cross-trading, unlike cross-listing, does not require the disclosing of additional information. Although such a distinction means there is a variation in the information environment of cross-listed and cross-traded stocks, the results do not reveal any significant difference in the liquidity and volatility of the stocks that are cross-listed and cross-traded. This evidence suggests that the improvement in the liquidity and volatility of cross-listed/traded stocks comes primarily from the intensified competition among traders rather than from mandatory disclosure requirements. The final empirical issue investigated in this thesis (chapter 4) is the identification of the determinants of the distribution of equity trading volume from both stock exchange and firm specific perspectives. From a stock exchange perspective, exchange level analysis focuses on the stock exchange characteristics that determine the ability of a stock exchange to attract trading of foreign stocks. While from a firm perspective, firm level analysis focuses on firm specific characteristics that affect the distribution of foreign trading. The results show that a stock exchange?s ability to attract trading volumes of foreign equity is positively associated with a stock exchange?s organizational efficiency, market liquidity, and also the quality of investor protection and insider trading regulations. Analysis also reveals the superior ability of American stock exchanges to attract trading of European stocks. Moreover, there is strong evidence suggesting that regulated stock exchanges are more successful in attracting trading of foreign stocks than non-regulated markets, such as OTC and alternative markets and trading platforms. From a firm perspective, the proportion of trading on a foreign exchange is higher for smaller and riskier companies, and for companies that exhibit lower correlation of returns with market index returns in the host market. Also this proportion is higher when foreign trading takes place in the same currency as trading in the firm?s home market and increases with the duration of a listing. Finally, the study provides separate evidence on the expected levels of trading activity on various stock exchanges for a stock with particular characteristics. Overall, the findings of this thesis suggest that international cross-listing is beneficial for both firms and their shareholders but the findings also suggest that there are significant variations in the implications of cross-listings for different firms and from listing in different destination foreign markets. Finally, these implications are not static and respond to changes and reforms in listing and trading conditions.
Download or read book The Impact of an NYSE Listing on the Global Trading of Non U S Stocks written by Katherine Smith and published by . This book was released on 1997 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The American Stock Exchange written by Carol L. Womack and published by Taylor & Francis. This book was released on 2024-01-26 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research and Information Guides in Business, Industry, and Economic Institutions series will bridge the gap between classical forms of literature and new alternative formats. Each guide will be devoted to an industry, a profession, a managerial process, or a field of study. This guide to information resources on the American Stock Exchange is not intended to be a detailed history of the Amex. It does cover the literature of the Exchange from 1900 through 1993. Research methodology included searching of major cataloging systems, reviewing of print and electronic indexes, and summarizing of publications in the American Stock Exchange library. All publications identified were read and summarized.
Download or read book The Value to Foreign Companies to List on US Stock Markets written by Jaron Wilde and published by . This book was released on 2004 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Stock Market Reaction to Presidential Tweets in the Case of the US China Trade War written by Max Luca Wiegand and published by GRIN Verlag. This book was released on 2020-01-09 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2019 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1.3, University of Frankfurt (Main), language: English, abstract: In times of an increasingly digitalized world, behavioral changes in society do not spare high-ranking politicians and decision makers. In some cases, those changes in behavior can have unforeseen yet considerable consequences. By making use of the renowned event study methodology, this paper scrutinizes the impact of acting U.S. president Donald Trump’s Twitter activity on international stock markets. In particular, a select set of ten short messages posted in the context of the present US-China trade dispute is analyzed with regard to the U.S. American S&P 500, the Chinese Hang Seng Index (HSI) and the German DAX. Highly significant market reactions, both positive and negative, are found for the HSI and the examined markets’ aggregate, while Trump’s native market showed the least responsiveness to his tweets. Apart from that, the obtained results suggest a fairly rapid processing of new information and thus adjustment of prices. Ever since Donald Trump’s official inaugural address as the 45th president of the United States of America in January 2017, he has been cherishing a very polarizing and distinct way of leading the world’s largest economy compared to his more recent predecessors. That leadership style is not least characterized by his preferred yet – considering his position – rather uncommon way of communicating to the outside world, namely his extensive use of microblogging service Twitter for presidential announcements and commentaries of any nature. Amongst others, a particularly high activity can be observed in conjunction with the rising political and economic tensions between the United States and China that have been intensifying over Trump’s course of presidency. The dispute between the two economic superpowers – it comprises various topics such as the United States’ massive and long-standing trade deficit and alleged intellectual property theft – ultimately lead to the imposition of a series of mutual tariffs worth hundreds of billions of U.S. dollars. And while Trump regularly keeps his followers updated about his thoughts, claims and the statuses of trade negotiations, stock markets around the globe seem to react heavily to the developments of what is referred to as the US-China trade war. The question arises whether those unscheduled and seemingly impulsive short messages can be a causal explanation for recent stock market movements.
Download or read book Securities Markets written by United States. General Accounting Office and published by . This book was released on 2004 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book What Happens to Stocks that 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 1996 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Valuation Effects of Foreign Companies Listing on U S Stock Exchanges written by Lei Wang (M.B.S.) and published by . This book was released on 1998 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Download or read book The Effects of Market Segmentation and Illiquidity on Asset Prices written by Christopher Géczy and published by . This book was released on 1996 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Introduction to Business written by Lawrence J. Gitman and published by . This book was released on 2024-09-16 with total page 1455 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
Download or read book Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres written by Stijn Claessens and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Global Stock Market written by Dariusz Wójcik and published by Oxford University Press. This book was released on 2011-05-26 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book uses rich data and global case studies to examine the rise of emerging markets, the impact of the global financial crisis, the revolution in the stock exchange business model, and the continued dominance of London and New York as stock market centres.
Download or read book A Study of the Effects on Price Movement and Associated Investment Implications of Listing Over the counter Stocks on the American Stock Exchange written by Judith Jo Johnson and published by . This book was released on 1972 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policies to Increase Foreign Listings on the NYSE written by New York Stock Exchange. Advisory Committee on International Capital Markets. Subcommittee on Trading and Listing Foreign Securities and published by . This book was released on 1975 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Progress Toward the Development of a National Market System written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 1979 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt:
