Global Liquidity Provision and Risk Sharing
研究了1950-2013年间美国公司在20个外国市场跨境上市后的流动性特征变化，发现跨境上市后公司流动性敏感性和流动性贝塔降低，价格冲击减少，且多交易所上市和更大更流动的市场效果更强。
Abstract We examine liquidity-related characteristics of U.S. firms with cross-listed shares in 20 foreign markets in the 1950–2013 period. We find that firms after foreign-market listing exhibit lower liquidity sensitivity and lower liquidity beta and suffer less from transitory price shocks. These results are stronger when firms are listed on multiple exchanges and in larger and more liquid markets. The liquidity enhancement is associated with firms’ increased foreign ownership postlisting and is effective for firms with high levels of volatility, foreign income, and foreign trading and a high probability of informed trading. Our findings provide support for global markets providing liquidity and reducing liquidity risk to U.S. firms.