Stock exchange consolidation and cross-border investment: An empirical assessment

被引：2

作者：

Giofre, Maela ^{[1
]}

机构：

[1] Univ Turin, Dept Econ & Stat Cognetti de Martiis, Lungo Dora Siena 100, I-10153 Turin, Italy

来源：

JOURNAL OF FINANCIAL STABILITY | 2021年 / 53卷

关键词：

Stock exchange consolidation; International Portfolio Investments; Stock market information; HOME BIAS; DIVERSIFICATION; DETERMINANTS; INFORMATION; INTEGRATION; GOVERNANCE; PROTECTION; ATTENTION; CULTURE; LAW;

D O I：

10.1016/j.jfs.2020.100796

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the effects of stock exchange consolidation on foreign portfolio holdings. Sharing a common stock exchange platform enhances cross-border investments, and the consolidation effect is particularly pronounced among member countries that are smaller in size and closer in geographical, cultural and economic terms. These findings survive different econometric specifications and outlier treatments. After accounting for endogeneity of the consolidation process, the effect of exchange consolidation on cross-border investment is confirmed. (C) 2020 Elsevier B.V. All rights reserved.

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页数：29

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