Firm-level access to international capital markets: evidence from Chilean equities
Sara B. Holland and
No 753, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)
High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm's portfolio weight is whether it is listed on a U.S. exchange. Cross-listing does not, however, appear to have permanent benefits: Weights in U.S. portfolios of firms that cross-listed in the mid-1990s increased at the expense of firms that cross-listed earlier. Put another way, firms appear to be able to access international capital at the time of the cross-listing, but this access may well be short-lived.
Keywords: International finance; Capital market (search for similar items in EconPapers)
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Journal Article: Firm-level access to international capital markets: evidence from Chilean equities (2003)
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