On the Integration of International Capital Markets: Evidence from Euroequity Offerings
研究美国公司发行欧洲股票（同时在国内和海外销售）对股价的影响，发现公告后股价下跌，表明该工具初期能帮助企业利用海外融资机会。
Euroequity, a new financial instrument, is a new issue of stock by a U.S. firm that is sold simultaneously to investors domestically as registered shares and offshore as bearer shares. In perfectly integrated capital markets, whether Euroequity or domestic equity is issued should not have differential effects on a firm's stock price. Like past studies of domestic equity-financing announcements, we find negative stock-price responses for announcements of equity offers. Our findings are consistent with the hypothesis that, during their infancy, new financial instruments which reduce previously effective barriers to investment across national borders enable firms to capitalize on beneficial financing opportunities in overseas markets.