What if Trading Location Is Different from Business Location? Evidence from the Jardine Group
研究怡和集团1994年从香港退市后，尽管核心业务仍在香港和中国内地，但股价与新加坡市场相关性更高，说明交易地点影响价格波动，受当地投资者情绪驱动。
Abstract We examine the price behavior and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates the Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time‐varying betas, migration of trading activity, and currency and tax distortions. We conclude that price fluctuations are affected by country‐specific investor sentiment.