基于事件研究法的亚洲公司交叉上市价值效应研究被引量：2

下载PDF

导出

摘要文章考察亚洲公司在美国交叉上市的价值效应及其实现途径。事件研究法和横截面回归分析被用以检验基于市场分割理论、投资者认知理论、流动性理论和捆绑-信号理论的假设。实证结果显示,来自新兴市场的公司和在OTC市场上市的公司能获得更高的超额收益;通过交叉上市克服市场分割是亚洲公司获得额外价值增长的主要途径。

作者郑春美沈沁游士兵

机构地区武汉大学经济与管理学院

出处《统计与决策》 CSSCI 北大核心 2014年第5期168-171,共4页 Statistics & Decision

基金中央高校基本科研业务费专项资金资助武汉大学自主科研项目资助

关键词交叉上市亚洲公司价值效应实现途径

分类号 F832 [经济管理—金融学]

引文网络
相关文献

参考文献9

1Bris, A., Cantale, S., Nishiotis, G. A Breakdown of the Valuation Ef- fects of International Cross-Listing[J].European Financial Manage- ment, 2007, 13(5).
2Karolyi, G. Andrew. The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom[J]. Review of Fi- nance, 2006,(10).
3邹颖.交叉上市的资本成本效应研究综述--基于绑定假说的视角[J].经济与管理研究,2009,30(2):38-43. 被引量：7
4Merton, R. C. Presidential Address: A Simple Model of Capital Mar- ket Equilibrium with Incomplete Information[J]. Journal of Finance, 1987,(42).
5Roosenboom, P.,Van Dijk, M. The Market Reaction to Cross-listings: Does the Destination Market Matter?[J]. Journal of Banking and Fi- nance, 2009,(33).
6Amihud, Y., Mendelson, H. Asset Pricing and the Bid-ask Spread[J]. Journal of Financial Economics, 1986, (17).
7Coffee, J, Racing towards the Top? The Impact of Cross-listings and Stock Market Competition on International Corporate Governance[J]. Columbia Law Review, 2002,(102).
8Rau, P., Vermaelen, T. Regulation, Taxes and Share Repurchases in the U.K.[J].Journal of Business, 2002,(75).
9Bacidore, J. M.,Sofianos G. Liquidity Provision and Specialist Trading in NYSE-listed non-U.S. Stocks[J].Journal of Financial Economics, 2002,(63).

二级参考文献12

1Michael R King, Usha R Mittoo. What companies need to know about international cross -Listing? [ J]. Journal of Applied Corporate Finance, 2007, 19(4): 10-24.
2John C, Coffee, Jr. Racing towards the top? The impact of cross -listings and stock market competition on international corporate governance [ J ]. Columbia Law Review, 2002,102(7) : 1757 -1831.
3Stulz, Rene M. Globalization, corporate finance, and the cost of Capital [ J ]. Journal of Applied Corporate Finance, 1999, 12:8 -25.
4Reese W, M Weisbach. Protection of minority shareholder interests, cross -listings in the United States, and subsequent equity offerings [ J]. Journal of Financial Economics, 2002, 66( 1 ) :65 - 104.
5Doidge, Craig G, Andrew Karolyi, Rene M Stulz. Why are foreign firms listed in the U. S. worth more? [ J ]. Journal of Financial Economics, 2004, 71 (2) :205 -238.
6Warren Bailey, G Andrew Karolyi, Carolina Salva. The economic consequences of increased disclosure : evidence from international cross - listings [ J]. Journal of Financial Economics, 2006, 81 ( 1 ) :175 - 213.
7Heibatollah Sami, Haiyan Zhou. The economic consequences of increased disclosure evidence from cross listings of chinese firms [ J ]. Journal of International Financial Management and Accounting, 2005, 19( 1 ) : 1 -27.
8中国证券监督管理委员会官方网站.www.csrc.gov.cn.
9纽约证券交易所中文网站.www.nyse.com.
10香港证券交易所官方网站.www.hkex.com.hk.