Market Segmentation and the Cost of Capital in International Equity Markets
用32国126家公司的数据，发现存托凭证上市使资本成本显著下降42%，且下降由美国投资者在跨境上市前已能投资外国证券驱动，支持金融市场自由化有显著经济收益的观点。
While theoretical models predict a decrease in the cost of capital from depositary receipt offerings, the economic benefits of this liberalization have been difficult to quantify, Using a sample of 126 firms from 32 countries, we document a significant decline of 42% in the cost of capital. In addition, we show the decline is driven by the ability of U.S. investors to span the foreign security prior to cross-listing. Our findings support eh hypothesis that financial market liberalizations have significant economic benefits.