| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27022 |
| 来源ID | Working Paper 27022 |
| Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations | |
| Craig Doidge; G. Andrew Karolyi; René M. Stulz | |
| 发表日期 | 2020-04-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | For the last two decades, non-US firms have lower valuations than similar US firms. We study the evolution of this valuation gap to assess whether financial markets are less integrated after the 2008 global financial crisis (GFC). The valuation gap for firms from developed markets increases by 31% after the GFC – a reversal in financial globalization – while the gap for firms from emerging markets (excluding China) stays stable. There is no evidence of greater segmentation for non-US firms cross-listed on major US exchanges and the typical valuation premium of such firms relative to domestic counterparts stays unchanged. However, the number of such firms shrinks sharply, so that the importance of US cross-listings as a mechanism for market integration diminishes. |
| 主题 | International Economics ; International Factor Mobility ; Globalization and International Relations ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w27022 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584694 |
| 推荐引用方式 GB/T 7714 | Craig Doidge,G. Andrew Karolyi,René M. Stulz. Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27022.pdf（1073KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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