Going global? Examining the geography of Chinese firms' overseas listings on international stock exchanges

Geoforum

Volumn 52, Issue , 2014, Pages 1-11

  Pan, Fenghua ^a   Brooker, Daniel ^b  

^a BEIJING NORMAL UNIVERSITY   (China)

^b RAND CORPORATION   (United States)

Author keywords

China; Finance; Globalisation; IPO; Overseas listing; Stock market

Indexed keywords

CAPITAL FLOW; FINANCIAL MARKET; FINANCIAL SYSTEM; GLOBAL ECONOMY; GLOBALIZATION; INVESTMENT; STOCK MARKET;

AUSTRALIA; CANADA; CHINA; ENGLAND; GERMANY; HONG KONG; LONDON [ENGLAND]; NEW YORK [UNITED STATES]; SINGAPORE [SOUTHEAST ASIA]; SOUTH KOREA; UNITED KINGDOM; UNITED STATES;

LACUNA;

EID: 84891656496     PISSN: 00167185     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.geoforum.2013.12.003     Document Type: Article

References (51)

1. Baker H.K., Nofsinger J.R., Weaver D.G. International cross-listing and visibility. J. Financ. Quant. Anal. 2002, 37:495-521.
2. Barnes T.J., Sheppard E. A Companion to Economic Geography 2000, Blackwell, Oxford.
3. Bergman M.S., Borisoff R.S., Howson N.C. First direct listing for Chinese company in New York. Int. Financ. Law Rev. 1994, 13:41.
4. Brainard S.L. An empircal assessment of the proximity-concentration trade-off between multinational sales and trade. Am. Econ. Rev. 1997, 87:520-544.
5. Braithwaite J., Drahos P. Global Business Regulation 2000, Cambridge University Press, Cambridge.
6. Chi W., Zhang H. Are stronger executive incentives associated with cross-listing? Evidence from China. Chin. Econ. Rev. 2010, 21:150-160.
7. Claessens S., Schmukler S.L. International financial integration through equity markets: which firms from which countries go global?. J. Int. Money Financ. 2007, 26:788-813.
8. Clark G. Pension fund capitalism: a causal analysis. Geografiska Annaler. Ser. B, Hum. Geogr. 1998, 80:139-157.
9. Clark G.L. Pension Fund Capitalism 2000, Oxford University Press, Oxford.
10. Clark G., Wójcik A. The Geography of Finance: Corporate Governance in the Global Marketplace 2007, Oxford University Press, Oxford.
11. Clark G.L., Wójcik D., Bauer R. Geographically dispersed ownership and inter-market stock price arbitrage - Ahold's crisis of corporate governance and its implications for global standards. J. Econ. Geogr. 2006, 6:303-322.
12. Coffee J. Racing towards the top?: The impact of cross-listings and stock market competition on international corporate governance. Columbia Law Rev. 2002, 102:1757-1983.
13. Coval J.D., Moskowitz T.J. Home bias at home: local equity preference in domestic portfolios. J. Financ. 1999, 54:2045-2073.
14. CSRC China Securities and Futures Statitical Yearbook 2012, Academia Press, Shanghai.
15. Dahlquist M., Robertsson G. Direct foreign ownership, institutional investors, and firm characteristics. J. Financ. Econ. 2001, 59:413-440.
16. Du J., Xu C. Which firms went public in China? A study of financial market regulation. World Dev. 2009, 37:812-824.
17. Economist, 2011. Red Alert.
18. Edison H., Warnock F. Cross-border listings, capital controls, and equity flows to emerging markets. J. Int. Money Financ. 2008, 27:1013-1027.
19. Ernst and Young, 2012. Global IPO Trends: Prepare Early, Move Fast.
20. Foerster S., Karolyi G.A. Multimarket trading and liquidity: a transactions data analysis of Canada-U.S. interlistings. J. Financ. Quant. Anal. 2000, 35:499-528.
21. Green S. The Development of China's Stockmarket, 1984-2002: Equity Politics and Market Institutions 2004, Routledge Curzon, London.
22. Halling M., Pagano M., Randl O., Zechner J. Where is the market? Evidence from cross-listings in the United States. Rev. Financ. Stud. 2007, 21:725-761.
23. Ivkovic Z., Weisbenner S. Local does as local is: information content of the geography of individual investors' common stock investments. J. Financ. 2005, 60:267-306.
24. Jia J., Sun Q., Tong W. Privatization through an overseas listing: evidence from China's H-share firms. Financ. Manage. 2005, 34:5-30.
25. Kang J.K., Stulz R. Why is there a home bias? An analysis of foreign portfolio equity and ownership in Japan. J. Financ. Econ. 1997, 46:3-28.
26. Karmel R.S. The Brazilian securities market: Brazil finds favour among foreign securities investors. New Jersey Law J. 2006, 13:23.
27. Karolyi G.A. Why do companies list shares abroad? A survey of evidence and its managerial implications. Financ. Markets, Inst. Ins. 1998, 7:1-60.
28. Karolyi G.A. The role of American depositary receipts in the development of emerging equity markets. Rev. Econ. Stat. 2004, 86:670-690.
29. Karreman B., Van der Knaap G.A. The geography of equity listing and financial centre competition in mainland China and Hong Kong. J. Econ. Geogr. 2012, 12:899-922.
30. Lai K.P.Y. Differentiated markets: Shanghai, Beijing and Hong Kong in China's financial centre network. Urban Stud. 2012, 49:1275-1296.
31. Pagano M., Randl O., Roell A., Zechner J. What makes stock exchanges succeed? Evidence from cross-listing decisions. Eur. Econ. Rev. 2001, 45:770-782.
32. Pagano M., Röell A., Zechner J. The geography of equity listing: why do companies list abroad?. J. Financ. 2002, 57:2651-2694.
33. Pan, F., 2013. Insertion into Global Capital Networks: An Alternative Way for the Upgrading of Industrial Clusters (July 9, 2013). SSRN. (last accessed 10.10.13). http://dx.doi.org/10.2139/ssrn.2298649.
34. Pirinsky C., Wang Q. Does corporate headquarters location matter for stock returns?. J. Financ. 2006, 61:1991-2015.
35. Sami H., Zhou H. The economic consequences of increased disclosure: evidence from cross-listings of Chinese firms. J. Int. Financ. Manage. Account. 2008, 19:1-27.
36. Sarkissian S., Schill M. The overseas listing decision: new evidence of proximity preference. Rev. Financ. Stud. 2004, 17:769-809.
37. Sarkissian, S., Schill, M., 2011. Cross-Listing Waves. SSRN. <> (last accessed 08.05.12). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1244042.
38. Sarre P. Understanding the geography of international finance. Geogr. Compass 2007, 1(2):1076-1096.
39. Saxenian A., Sabel C. Roepke lecture in economic geography venture capital in the "Periphery": the new argonauts, global search, and local institution building. Econ. Geogr. 2008, 84:379-394.
40. Switzter L. The benefits and costs of listing Canadian stocks in U.S. markets. Corporate Structure, Finance and Operations 1986, 41-254. Carswell, Toronto. L. Sarna (Ed.).
41. Tobin D., Sun L. International listing as a means to mobilize the benefits of financial globalization: micro-level evidence from China. World Develop. 2009, 37:825-838.
42. Toporowski J. The End of Finance: Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism 1999, Routledge, London.
43. Torabzadeh K., Bertin W., Ziveny T. Valuation effects of international listings. Glob. Financ. J. 1992, 3:159-170.
44. Wójcik D. Geography and the future of stock exchanges: between real and virtual space. Growth Change 2007, 38:200-223.
45. Wójcik D. Geography of stock markets. Geogr. Compass 2009, 3(4). 1499-1451.
46. Wójcik A. The Global Stock Market: Issuers, Investors, and Intermediaries in an Uneven World 2012, Prior Books, Cheltenham.
47. Wójcik, D., Camilleri, J., 2013. Capitalist Tools in Socialist Hands? China Mobile in the Global Financial Network (July 23, 2013). University of Oxford, School of Geography and the Environment Working Papers in Employment, Work and Finance 13-05. < or <>(last accessed 10.5.13). http://dx.doi.org/10.2139/ssrn.2297372.
48. Wójcik D., Burger C. Listing BRICs: stock issuers from Brazil, Russia, India, and China in New York, London, and Luxembourg. Econ. Geogr. 2010, 86:275-296.
49. Yang T., Lau S.T. Choice of foreign listing location: experience of Chinese firms. Pac. - Basin Financ. J. 2006, 14:311-326.
50. Zhang H. Corporate governance and dividend policy: a comparison of Chinese firms listed in Hong Kong and in the Mainland. Chin. Econ. Rev. 2008, 19.
51. Zhang C.X., King T.H.D. The decision to list abroad: the case of ADRs and foreign IPOs by Chinese companies. J. Multinatl. Financ. Manage. 2010, 20:71-92.