TY - JOUR
T1 - International Listings and Stock Returns
T2 - Some Empirical Evidence
AU - Alexander, Gordon J.
AU - Eun, Cheol S.
AU - Janakiramanan, S.
N1 - Copyright:
Copyright 2016 Elsevier B.V., All rights reserved.
PY - 1988/6/1
Y1 - 1988/6/1
N2 - Segmentation of capital markets produces incentives for firms to adopt countermeasures, one of which is dually listing their stocks on foreign capital markets. In this paper, the behavior of stock returns surrounding such international listings is examined for a sample of firms. Assuming that the capital markets are either completely or “mildly” segmented beforehand, it is hypothesized that the international listing of a security should, in general, accompany a reduction in its expected return. The sample reveals evidence consistent with this hypothesis.
AB - Segmentation of capital markets produces incentives for firms to adopt countermeasures, one of which is dually listing their stocks on foreign capital markets. In this paper, the behavior of stock returns surrounding such international listings is examined for a sample of firms. Assuming that the capital markets are either completely or “mildly” segmented beforehand, it is hypothesized that the international listing of a security should, in general, accompany a reduction in its expected return. The sample reveals evidence consistent with this hypothesis.
UR - http://www.scopus.com/inward/record.url?scp=84959705102&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84959705102&partnerID=8YFLogxK
U2 - 10.2307/2330877
DO - 10.2307/2330877
M3 - Article
AN - SCOPUS:84959705102
SN - 0022-1090
VL - 23
SP - 135
EP - 151
JO - Journal of Financial and Quantitative Analysis
JF - Journal of Financial and Quantitative Analysis
IS - 2
ER -