An Unexpected Test of the Bonding Hypothesis
利用美国最高法院2010年Morrison案裁决，发现跨境上市股票相对本国股票价格大涨，表明投资者重视美国证券法对绑定假说的支持。
In its 2010 Morrison v. National Australia Bank ruling, the U.S. Supreme Court determined that key fraud-related provisions of U.S. securities laws would apply only to transactions in foreign securities that take place on U.S. exchanges. We document a large increase in the price of U.S. cross-listed foreign stocks relative to their currency-adjusted equivalent home-market shares around the decision, which we associate with the newly differentiated legal status accorded U.S. cross-listed shares. The market’s reaction to the decision affirms that investors value how U.S. securities laws apply an element of the “bonding” hypothesis as a motive for international cross-listings. Received June 7, 2017; editorial decision November 13, 2017 by Editor Paolo Fulghieri. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.