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留学生论文代写:Cross- Listing and Firm Li quidity on the Stock Exchange of Hong Kong

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2011-01-17编辑:anterran点击率:10769

论文字数:5632论文编号:org201101171033251696语种:英语论文 English地区:英国价格:免费论文

关键词:Cross- ListingFirm Li quiditythe Stock Exchange of Hong Kong代写留学生论文

Cross- Listing and Firm Li quidity on the Stock Exchange of Hong Kong

Abstract
留学生论文代写The pur pose of this pa per is to in vestigate li quidity dif ferences be tween Hong Kong com -panies that choose to cross list on the Lon don Stock Ex change and those that list only on thelocal mar ket, the Stock Ex change of Hong Kong. Each of these ex changes is among the ten
largest in the world by mar ket capi talization and rep resents a ma jor source of new eq uity is -suances within their re spective re gions of Europe and Asia. We com pare the mag nitudes ofbid- ask spreads and depths for cross- listed and non- cross- listedfirms over a 16- month periodus ing a sam ple of 981,183 intra- day ob servations. Con sistent with our hy pothe ses,relative bid- ask spreads are sig nificantly lower and depths are sig nificantly higher for thecross- listed sam ple, even af ter con trolling for dif ferences in price, vol ume, re turn variance,
and inter- temporal pat terns. This evi dence strongly con firms the li quidity ad vantage ofcross- listed firms and con tributes to our un derstanding of the mo tivations for, and ef fectsof, eq uity cross list ings.
1. In troduction
The deep ening globali zation of capi tal mar kets and con tinuing re duction of regu latory con -
straints have fos tered a highly com petitive en vironment among the world’s fi nancial markets.
Stock mar kets, in par ticular, com pete in tensely for the right to list ac tively traded
multinational com panies. With more and more firms elect ing to list their eq uity shares on
multiple stock ex changes, it is in creasingly im portant to un derstand the cause(s) and effect(
s) of such cross list ings. Sur vey re sults sug gest that man agement is mo tivated by an an -
ticipated im provement in firm li quidity, ex pansion in share holder base, and re duction in the
cost of capi tal. In ternational list ings are ex pected to in crease the firm’s visi bility and elicit
greater in terest among mar ket mak ers, fi nancial ana lysts, and in stitutional in vestors such as
pension and mu tual funds. To date, most em pirical re search on cross- listing ef fects, particularly
with re spect to firm li quidity, has fo cused on U.S. firms list ing on non-U.S. exchanges
or non-U.S. firms list ing on U.S. ex changes. The pur pose of this pa per is to ana lyze
liquidity dif ferences be tween Hong Kong com panies that choose to cross list on the Lon don
Stock Ex change (LSE) and those that list only on the do mestic mar ket, the Stock Ex change
of Hong Kong (SEHK).1
More spe cifically, this study com pares the mag nitudes of bid- ask spreads and depths
for cross- listed and non- cross- listed firms over a 16- month pe riod from May, 1996 to
August, 1997. Us ing a sam ple of 981,183 intra- day ob servations, we test whether the
cross- listed firms have higher li quidity than a (matched) port folio of non- cross- listed firms.
It is im portant to in vestigate both di mensions of li quidity (i.e., spreads and depths) before
drawing con clusions from the em pirical find ings. A firm or port folio is un ambiguously
more liq uid than an other only if it has lower rela tive spreads and higher depths. We therefore
con struct and test the fol lowing two hy potheses in or der to pro vide em pirical evi dence
with re spect to the li quidity dif ferences as sociated with cross list ing:
Hypothesis 1: Cross- listed 论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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