The Stock Price Impacts of Overseas Listings
研究二战后美国公司在海外上市对股价的影响，分析降低政治风险、增加外国需求、获得低成本资金等潜在好处，适合关注跨境上市效应的投资者和学者。
In the period since World War II, an increasing number of American corporations have chosen to list their common stock on securities exchanges outside of the United States, in addition to their listings on organized exchanges in the U.S. A number of possible benefits to an overseas listing have been suggested. First, listing may improve the relationship between the American corporation, the foreign government and the foreign financial community [10, 13]; in turn, this may reduce political risk. If political risk is not diversifiable, such a reduction will lower the firm's cost of capital. Second, a possible increase in demand for the firm's stock provided by foreign investors with no increase in supply may result in stock price increases [10, 11, 13]. Third, foreign markets may provide a less expensive source of funds (stemming, say, from different tax structures abroad). Having a corporation's stock listed may provide the company greater access to foreign money markets [5] and make it easier to sell debt o Euromarket investors [13]. A Fortune magazine [8] article states: