Note—Gains from International Dual Listing
用均值-方差模型解释国际双重上市如何降低市场分割的影响，发现双重上市证券比单一上市证券预期收益更高、方差更低，这解释了双重上市在非一体化资本市场中的存在。
This study presents an attempt to explain how international dual listing of securities can reduce the effects of segmented international markets. By applying the mean-variance model we show that, for a return generating process given by the maximum distribution, the expected return on the dually listed security will be higher and the variance associated with it will be lower than for an otherwise identical (domestically) single listed security. This result appears to be consistent with the existence of dually listed securities in capital markets which are otherwise not integrated.