Listing BRICs: Stock Issuers from Brazil, Russia, India, and China in New York, London, and Luxembourg
研究了2008年底巴西、俄罗斯、印度和中国企业在美欧上市的情况，发现跨境上市企业规模大、来自资本密集和出口导向行业，且集中在母国金融中心，对金融地理研究有启示。
abstract In the past decade, hundreds of companies from emerging markets have listed their shares on American and European stock markets. Brazil, Russia, India, and China (BRIC) are the main countries of origin of issuers, and stock exchanges in the United States, the United Kingdom, and Luxembourg are the main destinations involved in the process. We use a comprehensive data set for these home and host markets for the end of 2008 to explore the intensity of foreign listings, the subnational geography of cross‐listed firms, and the destinations of foreign listings. Cross‐listing firms tend to be relatively large and come from capital‐intensive, export‐oriented, and high‐growth sectors. Trading links with and industrial specialization of the host markets affect the choice of destination markets. These patterns, however, are not universal across countries. There is a high concentration of cross‐listed firms in the leading financial centers of the BRIC countries, particularly in Russia and Brazil. Firms outside of the leading centers rarely cross‐list, and when they do, they enter second‐tier host markets. While BRIC countries have a large potential for further foreign listings, the process remains politically sensitive. Our results highlight the shortcomings of the literature on cross‐listing in economics and the significance of the cross‐listing phenomenon to future research in financial geographies.