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Dissertation/Thesis Abstract

Essays on cross-national listing of shares and the globalization of capital markets
by Phillips, Guadalupe, Ph.D., Fletcher School of Law and Diplomacy (Tufts University), 2010, 312; 3422230
Abstract (Summary)

First Essay. I explore the impact that foreign revenue generation, operational visibility and investment transactions have on the propensity of emerging market firms to cross-list subsequently to their first cross-listing. I use a broad data set of firms from 23 emerging markets and find that firm level characteristics related to their operational and investment exposure to foreign markets increases their propensity to subsequently cross-list. Specifically related to investment transactions, there is also a positive link between the markets where firms make acquisitions and the markets where they choose to cross-list in.

Second Essay. I analyze whether the decision to cross-list and the markets where firms cross-list is related to an oligopolistic reaction or bandwagon effect related to their domestic industry structure. I use a broad data set of 23 emerging market firms in a period from 1985 to 2007 to find that in the early period of 1985-2007 there is an oligopolistic reaction where firms are more likely to cross-list following a similar action by peer firms in their industry. Firms are also more likely to follow peers to the same markets where they cross-list. I also find that in a later period of 1998-2007, the bandwagon effect is related not only to oligopolistic industries, but also to a follow your peers impact in more competitive industries.

Third Essay. Finance theory dictates that the price of identical assets that trade in different markets should not deviate from parity after considering changes in the foreign exchange; any deviations are exploited by arbitragers in the market. Investors may not be willing or able to arbitrage price deviations in the presence of investment barriers that are fixed. In this essay I examine whether greater market integration as a result of greater financial liberalization and information transparency has generated a closer compliance with the law of one price in DRs from BRICM markets. I find that as markets have advanced in their financial liberalization, DRs show closer compliance with the LOP. I also find that information symmetry, high traded volume in the host and home markets and country effects explain price deviations.

Indexing (document details)
Advisor: Jacque, Laurent L.
Commitee: Babatz, Guillermo, Schena, Patrick J.
School: Fletcher School of Law and Diplomacy (Tufts University)
Department: Economics and International Business
School Location: United States -- Massachusetts
Source: DAI-A 71/11, Dissertation Abstracts International
Subjects: Finance
Keywords: Capital markets, Cross-listing, Emerging markets, Globalization, Market segmentation
Publication Number: 3422230
ISBN: 978-1-124-20936-4
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