کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
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5090093 | 1375617 | 2010 | 13 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Domestic liquidity and cross-listing in the United States Domestic liquidity and cross-listing in the United States](/preview/png/5090093.png)
This study examines changes in domestic liquidity after cross-listing in the United States. Our liquidity measures are based on intraday data from domestic markets for a large sample of firms that cross-list in the United States and for a matched sample of firms that do not cross-list. We find that unadjusted liquidity significantly improves after cross-listing. However, after controlling for contemporaneous changes in liquidity for a matched sample of firms that do not cross-list, there is no evidence of improvements in domestic liquidity due to cross-listing. Our results offer no support for the bonding hypothesis, or for the hypothesis that cross-listing improves domestic liquidity because of increased intermarket competition and additional order flow.
Journal: Journal of Banking & Finance - Volume 34, Issue 6, June 2010, Pages 1139-1151