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Note---Gains from International Dual Listing

Author

Listed:
  • Joseph Yagil

    (Department of Business Administration, Haifa University, Haifa 31999, Israel and New York University, New York, New York 10006)

  • Zivan Forshner

    (Carnegie-Mellon University, Pittsburgh, Pennsylvania 15213)

Abstract

This study presents an attempt to explain how international dual listing of securities can reduce the effects of segmented international markets. By applying the mean-variance model we show that, for a return generating process given by the maximum distribution, the expected return on the dually listed security will be higher and the variance associated with it will be lower than for an otherwise identical (domestically) single listed security. This result appears to be consistent with the existence of dually listed securities in capital markets which are otherwise not integrated.

Suggested Citation

  • Joseph Yagil & Zivan Forshner, 1991. "Note---Gains from International Dual Listing," Management Science, INFORMS, vol. 37(1), pages 114-120, January.
    • Handle: RePEc:inm:ormnsc:v:37:y:1991:i:1:p:114-120
    DOI: 10.1287/mnsc.37.1.114
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    Cited by:

    1. John Board & Charles Sutcliffe & Stephen Wells, 2002. "Transparency and Fragmentation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-4039-0707-3, September.

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