International Listings and Stock Returns: Some Empirical Evidence
研究企业股票在国外资本市场上市前后收益的变化，发现上市通常伴随预期收益下降，为资本分割理论提供实证支持。
Segmentation of capital markets produces incentives for firms to adopt countermeasures, one of which is dually listing their stocks on foreign capital markets. In this paper, the behavior of stock returns surrounding such international listings is examined for a sample of firms. Assuming that the capital markets are either completely or “mildly” segmented beforehand, it is hypothesized that the international listing of a security should, in general, accompany a reduction in its expected return. The sample reveals evidence consistent with this hypothesis.