The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States
Abstract
Non‐U.S. firms cross‐listing shares on U.S. exchanges as American Depositary Receipts earn cumulative abnormal returns of 19 percent during the year before listing, and an additional 1.20 percent during the listing week, but incur a loss of 14 percent during the year following listing. We show how these unusual share price changes are robust to changing market risk exposures and are related to an expansion of the shareholder base and to the amount of capital raised at the time of listing. Our tests provide support for the market segmentation hypothesis and Merton's (1987) investor recognition hypothesis.
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Cites
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Newey, W., & West, K. (1986) · National Bureau of Economic Research · doi:10.3386/t0055 · Cited by 12,278
A Simple Model of Capital Market Equilibrium with Incomplete Information
MERTON, R. C. (1987) · The Journal of Finance · doi:10.1111/j.1540-6261.1987.tb04565.x · Cited by 5,811
Asset pricing and the bid-ask spread
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Time‐Varying World Market Integration
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Measuring Fund Strategy and Performance in Changing Economic Conditions
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International Portfolio Choice and Corporation Finance: A Synthesis
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Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
Market Frictions, Price Delay, and the Cross-Section of Expected Returns
Hou, K., & Moskowitz, T. J. (2005) · Review of Financial Studies · doi:10.1093/rfs/hhi023 · Cited by 1,083
Reese, W. A., & Weisbach, M. S. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00151-4 · Cited by 854
Amihud, Y., Mendelson, H., & Pedersen, L. H. (2005) · Foundations and Trends® in Finance · doi:10.1561/0500000003 · Cited by 820
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DASKE, H., HAIL, L., LEUZ, C., & VERDI, R. (2013) · Journal of Accounting Research · doi:10.1111/1475-679x.12005 · Cited by 710
Metadata
- Authors
- Foerster, S. R., & Karolyi, G. A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-06
- Volume
- 54
- Issue
- 3
- Pages
- 981-1013
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2141807369
- Cited by
- 1,050
- References
- 33
- FWCI
- 56.05
- Type
- journal article
- Language
- en
- Open access
- closed
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- Foerster, S. R., & Karolyi, G. A. (1999). The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States. The Journal of Finance. https://doi.org/10.1111/0022-1082.00134
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
