As world financial markets integrate, where equity transactions occurstill matters. Place matters because equity markets have varyingregulations concerning disclosure, custody, and liquidity, to name justa few examples. Moreover, while each national market values its equitysecurities similarly, vast differences persist among markets, makinguniversal prices for similar assets difficult to determine. If weunderstand globalization to represent capital flows across borders,and integration to mean the ability to buy and sell shares of stockinterchangeably across borders, global equity markets are not as deeplyintegrated as other types of capital markets.
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