The development of emerging stock markets and the demand for cross-listing

Adriana Korczak and Piotr Korczak

Journal of Empirical Finance, 2013, vol. 24, issue C, 63-77

Abstract: This study provides new insights into the link between local stock-market development and the demand for cross-listing. Analyzing 14 Central and Eastern European stock markets over two decades, we find that the link is non-monotonic: cross-listing activity first grows and then decreases as the local market develops. We support that country-level finding with firm-level evidence on non-monotonic preferences to issue and terminate depositary receipt programs. The results have important policy implications and they shed new light on the competitiveness and prospects of local stock markets in emerging economies.

Keywords: Cross-listing; Depositary receipts; Emerging markets (search for similar items in EconPapers)
JEL-codes: G15 G32 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0927539813000613
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:empfin:v:24:y:2013:i:c:p:63-77

DOI: 10.1016/j.jempfin.2013.08.002

Access Statistics for this article

Journal of Empirical Finance is currently edited by R. T. Baillie, F. C. Palm, Th. J. Vermaelen and C. C. P. Wolff

More articles in Journal of Empirical Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().