메뉴 건너뛰기




Volumn 32, Issue 3, 2008, Pages 420-433

Cross-listing and liquidity in emerging market stocks

Author keywords

ADRs; Cross listing; Emerging markets; Liquidity; Trading costs

Indexed keywords


EID: 40149097117     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2007.07.003     Document Type: Article
Times cited : (50)

References (54)
  • 2
    • 0013068840 scopus 로고    scopus 로고
    • Illiquidity and stock returns: Cross-section and time series effects
    • Amihud Y. Illiquidity and stock returns: Cross-section and time series effects. Journal of Financial Markets 5 (2002) 31-56
    • (2002) Journal of Financial Markets , vol.5 , pp. 31-56
    • Amihud, Y.1
  • 4
    • 0002649833 scopus 로고
    • The total cost of transactions on the NYSE
    • Berkowitz S., Logue D., and Noser E. The total cost of transactions on the NYSE. Journal of Finance 43 (1988) 97-112
    • (1988) Journal of Finance , vol.43 , pp. 97-112
    • Berkowitz, S.1    Logue, D.2    Noser, E.3
  • 5
    • 0041672311 scopus 로고    scopus 로고
    • The world price of insider trading
    • Bhattacharya U., and Daouk H. The world price of insider trading. Journal of Finance 52 (2002) 75-108
    • (2002) Journal of Finance , vol.52 , pp. 75-108
    • Bhattacharya, U.1    Daouk, H.2
  • 7
    • 0142219270 scopus 로고    scopus 로고
    • Investor protection and firm liquidity
    • Brockman P., and Chung D. Investor protection and firm liquidity. Journal of Finance 58 (2003) 921-937
    • (2003) Journal of Finance , vol.58 , pp. 921-937
    • Brockman, P.1    Chung, D.2
  • 8
    • 40149098642 scopus 로고    scopus 로고
    • Chakravarty, S., Chiyachantana, C., Jiang, C., 2004. The choice of trading venue and relative price impact of institutional trading: ADRs versus the underlying securities in their local markets. Purdue University Economics Working Papers 1172.
    • Chakravarty, S., Chiyachantana, C., Jiang, C., 2004. The choice of trading venue and relative price impact of institutional trading: ADRs versus the underlying securities in their local markets. Purdue University Economics Working Papers 1172.
  • 9
    • 43949169695 scopus 로고
    • Institutional trades and intraday stock price behavior
    • Chan L., and Lakonishok J. Institutional trades and intraday stock price behavior. Journal of Financial Economics 33 (1993) 173-199
    • (1993) Journal of Financial Economics , vol.33 , pp. 173-199
    • Chan, L.1    Lakonishok, J.2
  • 10
    • 40149095696 scopus 로고    scopus 로고
    • Chan, J., Hong, D., Subrahmanyam, M., 2005. Liquidity and asset prices in multiple markets. Working Paper, New York University.
    • Chan, J., Hong, D., Subrahmanyam, M., 2005. Liquidity and asset prices in multiple markets. Working Paper, New York University.
  • 11
    • 33645931368 scopus 로고    scopus 로고
    • Investor protection and the liquidity of cross-listed securities: Evidence from the ADR market
    • Chung H. Investor protection and the liquidity of cross-listed securities: Evidence from the ADR market. Journal of Banking and Finance 30 (2006) 1485-1505
    • (2006) Journal of Banking and Finance , vol.30 , pp. 1485-1505
    • Chung, H.1
  • 12
    • 40149087801 scopus 로고    scopus 로고
    • Claessens, S., Klingebiel, D., Lubrano, M., 2000. Corporate governance reform issues in the Brazilian equity markets. Working Paper, World Bank.
    • Claessens, S., Klingebiel, D., Lubrano, M., 2000. Corporate governance reform issues in the Brazilian equity markets. Working Paper, World Bank.
  • 13
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee J. The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern Law Review 93 (1999) 641-708
    • (1999) Northwestern Law Review , vol.93 , pp. 641-708
    • Coffee, J.1
  • 14
    • 0036868524 scopus 로고    scopus 로고
    • Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance
    • Coffee J. Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance. Columbia Law Review 102 (2002) 1757-1831
    • (2002) Columbia Law Review , vol.102 , pp. 1757-1831
    • Coffee, J.1
  • 15
    • 0042350781 scopus 로고    scopus 로고
    • Three surveys of corporate governance
    • Coombes P., and Watson M. Three surveys of corporate governance. Mc Kinsey Quarterly 4 (2000) 74-77
    • (2000) Mc Kinsey Quarterly , vol.4 , pp. 74-77
    • Coombes, P.1    Watson, M.2
  • 16
    • 40149085803 scopus 로고    scopus 로고
    • Cruces, J., Kawamura, E., 2005. Insider trading and corporate governance in Latin America. Working Paper, Inter-American Development Bank.
    • Cruces, J., Kawamura, E., 2005. Insider trading and corporate governance in Latin America. Working Paper, Inter-American Development Bank.
  • 18
    • 0348197911 scopus 로고    scopus 로고
    • Why are foreign firms listed in the US worth more?
    • Doidge C., Karolyi A., and Stulz R. Why are foreign firms listed in the US worth more?. Journal of Financial Economics 71 2 (2004) 205-238
    • (2004) Journal of Financial Economics , vol.71 , Issue.2 , pp. 205-238
    • Doidge, C.1    Karolyi, A.2    Stulz, R.3
  • 19
    • 0040428176 scopus 로고    scopus 로고
    • International cross-listing and order flow migration: Evidence from an emerging market
    • Domowitz I., Glen J., and Madhavan A. International cross-listing and order flow migration: Evidence from an emerging market. Journal of Finance 53 (1998) 2001-2027
    • (1998) Journal of Finance , vol.53 , pp. 2001-2027
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 20
    • 0035206399 scopus 로고    scopus 로고
    • Liquidity, volatility and equity trading costs across countries and over time
    • Domowitz I., Glen J., and Madhavan A. Liquidity, volatility and equity trading costs across countries and over time. International Finance 42 (2001) 221-255
    • (2001) International Finance , vol.42 , pp. 221-255
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 21
    • 0040898818 scopus 로고    scopus 로고
    • Liquidity, information, and infrequently traded stocks
    • Easley D., Kiefer N., O'Hara M., and Paperman J. Liquidity, information, and infrequently traded stocks. Journal of Finance 51 (1996) 1405-1436
    • (1996) Journal of Finance , vol.51 , pp. 1405-1436
    • Easley, D.1    Kiefer, N.2    O'Hara, M.3    Paperman, J.4
  • 22
    • 33747876037 scopus 로고    scopus 로고
    • The impact of legal and political institutions on equity trading costs: A cross-country analysis
    • Eleswarapu V., and Venkataraman K. The impact of legal and political institutions on equity trading costs: A cross-country analysis. Review of Financial Studies 19 (2006) 1081-1111
    • (2006) Review of Financial Studies , vol.19 , pp. 1081-1111
    • Eleswarapu, V.1    Venkataraman, K.2
  • 23
    • 0034549667 scopus 로고    scopus 로고
    • Market segmentation and the cost of capital in international equity markets
    • Errunza V., and Miller D. Market segmentation and the cost of capital in international equity markets. Journal of Financial and Quantitative Analysis 35 (2000) 577-600
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , pp. 577-600
    • Errunza, V.1    Miller, D.2
  • 24
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States
    • Foerster S., and Karolyi A. The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States. Journal of Finance 54 (1999) 981-1013
    • (1999) Journal of Finance , vol.54 , pp. 981-1013
    • Foerster, S.1    Karolyi, A.2
  • 25
    • 0001679922 scopus 로고    scopus 로고
    • Regulatory lessons for emerging stock markets from a century of evidence on transactions costs and share price volatility in the London Stock Exchange
    • Green C., Maggioni P., and Murinde V. Regulatory lessons for emerging stock markets from a century of evidence on transactions costs and share price volatility in the London Stock Exchange. Journal of Banking and Finance 24 (2000) 577-601
    • (2000) Journal of Banking and Finance , vol.24 , pp. 577-601
    • Green, C.1    Maggioni, P.2    Murinde, V.3
  • 26
    • 21344483536 scopus 로고
    • Minimum price variations, discrete bid-ask spreads, and quotation sizes
    • Harris L. Minimum price variations, discrete bid-ask spreads, and quotation sizes. Review of Financial Studies 1 (1994) 148-178
    • (1994) Review of Financial Studies , vol.1 , pp. 148-178
    • Harris, L.1
  • 27
    • 0030191637 scopus 로고    scopus 로고
    • Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE
    • Huang R., and Stoll H. Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE. Journal of Financial Economics 41 (1996) 313-358
    • (1996) Journal of Financial Economics , vol.41 , pp. 313-358
    • Huang, R.1    Stoll, H.2
  • 29
    • 40149086927 scopus 로고    scopus 로고
    • Divergence of US and local returns in the after-market for equity issuing ADRs
    • Kadiyala P., and Subrahmanyam A. Divergence of US and local returns in the after-market for equity issuing ADRs. European Financial Management 10 3 (2004) 389-412
    • (2004) European Financial Management , vol.10 , Issue.3 , pp. 389-412
    • Kadiyala, P.1    Subrahmanyam, A.2
  • 30
    • 4444362087 scopus 로고    scopus 로고
    • The role of ADRs in the development and integration of emerging equity markets
    • Karolyi A. The role of ADRs in the development and integration of emerging equity markets. Review of Economics and Statistics 86 (2004) 670-690
    • (2004) Review of Economics and Statistics , vol.86 , pp. 670-690
    • Karolyi, A.1
  • 31
    • 0031498263 scopus 로고    scopus 로고
    • Transactions costs and investment style: An inter-exchange analysis of institutional equity trades
    • Keim D., and Madhavan A. Transactions costs and investment style: An inter-exchange analysis of institutional equity trades. Journal of Financial Economics 46 (1997) 265-292
    • (1997) Journal of Financial Economics , vol.46 , pp. 265-292
    • Keim, D.1    Madhavan, A.2
  • 36
    • 0003195790 scopus 로고    scopus 로고
    • Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis
    • Lemmon M., and Lins K. Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance 58 (2003) 1445-1468
    • (2003) Journal of Finance , vol.58 , pp. 1445-1468
    • Lemmon, M.1    Lins, K.2
  • 39
    • 32144451191 scopus 로고    scopus 로고
    • Internationalization and stock market liquidity
    • Levine R., and Schmukler S. Internationalization and stock market liquidity. Review of Finance 10 (2006) 153-187
    • (2006) Review of Finance , vol.10 , pp. 153-187
    • Levine, R.1    Schmukler, S.2
  • 40
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks and economic growth
    • Levine R., and Zervos S. Stock markets, banks and economic growth. American Economic Review 88 (1998) 537-558
    • (1998) American Economic Review , vol.88 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 42
    • 40149093337 scopus 로고    scopus 로고
    • Lopez-de-Silanes, F., 2000. Reforming and deepening Mexico's financial markets. Working Paper, Harvard University and National Bureau of Economic Research.
    • Lopez-de-Silanes, F., 2000. Reforming and deepening Mexico's financial markets. Working Paper, Harvard University and National Bureau of Economic Research.
  • 43
    • 0042042166 scopus 로고    scopus 로고
    • The market reaction to international cross-listing: Evidence from depository receipts
    • Miller D. The market reaction to international cross-listing: Evidence from depository receipts. Journal of Financial Economics 51 (1999) 103-123
    • (1999) Journal of Financial Economics , vol.51 , pp. 103-123
    • Miller, D.1
  • 45
    • 0002650969 scopus 로고
    • The implementation shortfall: Paper versus reality
    • Perold A. The implementation shortfall: Paper versus reality. Journal of Portfolio Management 14 (1988) 4-9
    • (1988) Journal of Portfolio Management , vol.14 , pp. 4-9
    • Perold, A.1
  • 48
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • Reese W., and Weisbach M. Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics 66 (2002) 65-104
    • (2002) Journal of Financial Economics , vol.66 , pp. 65-104
    • Reese, W.1    Weisbach, M.2
  • 49
    • 84944043652 scopus 로고
    • A simple implicit measure of the implicit bid-ask spread in an efficient market
    • Roll R. A simple implicit measure of the implicit bid-ask spread in an efficient market. Journal of Finance 39 (1984) 1127-1139
    • (1984) Journal of Finance , vol.39 , pp. 1127-1139
    • Roll, R.1
  • 50
    • 12144259346 scopus 로고    scopus 로고
    • Can foreign firms bond themselves effectively by renting US securities laws?
    • Siegel J. Can foreign firms bond themselves effectively by renting US securities laws?. Journal of Financial Economics 75 (2005) 319-359
    • (2005) Journal of Financial Economics , vol.75 , pp. 319-359
    • Siegel, J.1
  • 51
    • 0036105631 scopus 로고    scopus 로고
    • Components of execution costs: Evidence of asymmetric information at the Mexican Stock Exchange
    • Silva A., and Chavez G. Components of execution costs: Evidence of asymmetric information at the Mexican Stock Exchange. Journal of International Financial Markets, Institutions and Money 12 (2002) 253-278
    • (2002) Journal of International Financial Markets, Institutions and Money , vol.12 , pp. 253-278
    • Silva, A.1    Chavez, G.2
  • 52
  • 53
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz R. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 12 (1999) 8-25
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 8-25
    • Stulz, R.1
  • 54
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Ecomometrica 48 (1980) 817-838
    • (1980) Ecomometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.