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Migration, Spillovers, and Trade Diversion

其他書名	The Impact of Internalization on Stock Market Liquidity
出版	National Bureau of Economic Research, 2003
URL	http://books.google.com.hk/books?id=lliyAAAAIAAJ&hl=&source=gbs_api

註釋What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, we find that internationalization reduces the liquidity of domestic firms through two channels. First, the trading of international firms migrates from domestic to international markets and the reduction in domestic liquidity of international firms has negative spillover effects on domestic firm liquidity. Second, there is trade diversion within domestic markets as liquidity shifts out of domestic firms and into international firms.