Show simple item record

dc.contributor.authorDodd, O
dc.date.accessioned2011-12-12T01:12:17Z
dc.date.available2011-12-12T01:12:17Z
dc.date.copyright2011-12-14
dc.date.issued2011-12-12
dc.identifier.citationPresentation at the 24th Australasian Finance and Banking Conference, Sydney, Australia
dc.identifier.urihttp://hdl.handle.net/10292/3075
dc.description.abstractWe analyse the distribution of foreign trading volume of European stocks cross-listed on various stock exchanges and examine the factors that affect the distribution. We focus on the role of two sets of determinants: the stock exchange characteristics and the stock-specific factors. We find that a stock exchange’s ability to attract order flow of foreign equity is positively associated with its organizational efficiency, market liquidity, the regulations pertinent to the quality of investor protection and insider trading. Regulated stock exchanges are found to be more successful in attracting order flow of foreign stocks than non-regulated markets, such as OTC and alternative markets and trading platforms. Among the stock-level factors, the share of trading on a foreign exchange is higher for companies that are smaller, riskier and have low return correlation with the host market returns. It is also evident that the share of foreign trading volume of stock is higher when the currencies of host and home markets are the same and the share increases with the duration of a listing.
dc.publisherUniversity of New South Wales
dc.relation.isreplacedby10292/4096
dc.relation.isreplacedbyhttp://hdl.handle.net/10292/4096
dc.relation.urihttp://www.asb.unsw.edu.au/schools/bankingandfinance/Documents/24th%20AFBC%20Program.pdf
dc.rightsAuckland University of Technology (AUT) encourages public access to AUT information and supports the legal use of copyright material in accordance with the Copyright Act 1994 (the Act) and the Privacy Act 1993. Unless otherwise stated, copyright material contained on this site may be in the intellectual property of AUT, a member of staff or third parties. Any commercial exploitation of this material is expressly prohibited without the written permission of the owner.
dc.subjectStock exchange
dc.subjectEquity trading, Cross-listing
dc.titleWhat determines the location of equity trading? Evidence from stocks cross-listed in various markets
dc.typeConference Contribution
dc.rights.accessrightsOpenAccess


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record