International Cross‐Listing and Order Flow Migration: Evidence from an Emerging Market
利用墨西哥股市数据，研究新兴市场公司海外上市对国内股市的影响，发现效果取决于市场间信息连接质量，且利益和成本在不同股东间分布不均。
ABSTRACT Policymakers in emerging markets are increasingly concerned about the consequences for the domestic equity market when companies list stock abroad. We show that the effects of cross‐listing depend on the quality of intermarket information linkages. We investigate these issues with unique data from the Mexican equity market. The impact of cross‐listing is complex—balancing the costs of order flow migration against the benefits of increased intermarket competition. These effects are exacerbated by equity investment barriers that induce segmentation of the domestic equity market. Consequently, the benefits and costs of cross‐listing are not evenly spread over all classes of shareholders.