Where Is the Market? Evidence from Cross-Listings in the United States

Michael Halling · Marco Pagano · Otto Randl · Josef Zechner B

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Financial Markets and Investment Strategies Corporate Finance and Governance Finance, Markets, and Regulation

Abstract

We analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation.

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References

1997A Survey of Corporate Governance 2021Econometric Analysis of Panel Data 1997Legal Determinants of External Finance 1987A Simple Model of Capital Market Equilibrium with Incomplete Information 2008The law and economics of self-dealing 1988A Theory of Intraday Patterns: Volume and Price Variability 1999Home Bias at Home: Local Equity Preference in Domestic Portfolios 1997A Survey of Corporate Governance

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