The Overseas Listing Decision: New Evidence of Proximity Preference
利用全球海外上市公司的截面数据，发现地理、经济、文化和产业邻近性主导了海外上市地点的选择，且交叉上市更多发生在多元化收益较低的市场之间，表明邻近约束同样影响融资决策。
Using a cross section of effectively the entire universe of overseas listings across world markets, we examine the market preferences of firms listing their stock abroad. We find that geographic, economic, cultural, and industrial proximity play the dominant role in the choice of overseas listing venue. Contrary to the notion that firms maximize international portfolio diversification gains in listing abroad, cross-listing activity is more common across markets for which diversification gains are relatively low. Our findings imply that the same proximity constraints that are believed to lead to "home bias" in investment portfolio decisions also exert a profound influence on financing decisions. Copyright 2004, Oxford University Press.