| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3402
|
| DP3402 'Footloose' Multinationals? |
| Eric Strobl; Holger Görg
|
| 发表日期 | 2002-05-20
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | We study the determinants of stock market development and the growing migration of capital raising, listing and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more open financial markets have larger and more liquid markets. As such fundamentals improve, however, the degree of migration to international exchanges also increases. This leads to gains for corporations in the form of lower costs, better terms and more liquidly-traded shares. Fully-fledged local stock exchanges are thus becoming less necessary for many economies. Furthermore, migration can leave too little domestic activity to sustain a local exchange. Therefore, the functions and forms of stock exchanges in many economies need to be rethought. |
| 主题 | Financial Economics
|
| 关键词 | Stock exchange development
Trading migration
Emerging economies
Cross-listing
Adrs
Gdrs
Internationalization of financial markets
|
| URL | https://cepr.org/publications/dp3402
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532424
|
推荐引用方式
GB/T 7714 |
Eric Strobl,Holger Görg. DP3402 'Footloose' Multinationals?. 2002.
|
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