Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Stijn Claessens (), Daniela Kingebiel and Sergio Schmukler

No DP2002-94, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more open financial markets have larger and more liquid markets. As such fundamentals improve, however, the degree of migration to international exchanges also increases. This leads to gains for corporations in the form of lower costs, better terms and more liquidity-traded shares.

Keywords: Capital market; Globalization; Stock exchanges (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (16)

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Working Paper: Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres (2002)
Working Paper: Explaining the migration of stocks from exchanges in emerging economies to international centers (2002)
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