| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7298 |
| DP7298 A New Capital Regulation For Large Financial Institutions | |
| Oliver Hart; Luigi Zingales | |
| 发表日期 | 2009-06-07 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K. and large changes in all exchanges? ability to attract foreign companies. We highlight the following determinants of these facts. First, during the sample period, investor protection improved in many countries. As investor protection improves in the country of origin, firms become less likely to list in countries with weak investor protection but more likely to list in countries with strong investor protection, especially in the U.K. and the U.S. Second, we show that foreign listings are related to the exchange?s market valuation in the same way as domestic equity issues are and that firms that are more difficult to evaluate are more inclined to list in foreign exchanges with high valuations. |
| 主题 | Financial Economics |
| 关键词 | Cross-listings Market timing Investor protection Sox |
| URL | https://cepr.org/publications/dp7298 |
| 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/536146 |
| 推荐引用方式 GB/T 7714 | Oliver Hart,Luigi Zingales. DP7298 A New Capital Regulation For Large Financial Institutions. 2009. |
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