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Firm-level access to international capital markets: evidence from Chilean equities

Sara B. Holland and Francis Warnock

No 753, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: 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)
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-mfd
Date: 2003
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