The E¤ects of Dual-Listing on Latin American Markets
نویسندگان
چکیده
This paper examines the bene...ts for domestic ...rms in emerging markets of dual listing their shares in major U.S. exchanges. We ...nd evidence of decline in the cost of capital consistent with previous research. Additionally, we ...nd evidence that local traders learn the information relatively early, more than 6 months ahead. Additionally, this paper explores a new approach that intends to shed some light on the decision to engage on a DR program. We ...nd that local market capitalization, the level of popularity of the stock and if the company was state-owned at some point, all have positive e¤ects on the probability of issuing a Depositary Receipt. JEL Classi...cation: G15
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