Listing BRICs: Stock Issuers from Brazil, Russia, India, and China in New York, London, and Luxembourg
In the past decade, hundreds of companies from emerging markets have listed their shares on American and European stock markets. Brazil, Russia, India, and China (BRIC) are the main countries of origin of issuers, and stock exchanges in the United States, the United Kingdom, and Luxembourg are the main destinations involved in the process. We use a comprehensive data set for these home and host markets for the end of 2008 to explore the intensity of foreign listings, the subnational geography of cross-listed firms, and the destinations of foreign listings. Cross-listing firms tend to be relatively large and come from capital-intensive, export-oriented, and high-growth sectors. Trading links with and industrial specialization of the host markets affect the choice of destination markets. These patterns, however, are not universal across countries. There is a high concentration of cross-listed firms in the leading financial centers of the BRIC countries, particularly in Russia and Brazil. Firms outside of the leading centers rarely cross-list, and when they do, they enter second-tier host markets. While BRIC countries have a large potential for further foreign listings, the process remains politically sensitive. Our results highlight the shortcomings of the literature on cross-listing in economics and the significance of the cross-listing phenomenon to future research in financial geographies. Copyright (c) 2010 Clark University.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 86 (2010)
Issue (Month): 3 (07)
|Contact details of provider:|| Postal: Worcester, MA 01610-1477|
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0013-0095
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=0013-0095|
When requesting a correction, please mention this item's handle: RePEc:bla:ecgeog:v:86:y:2010:i:3:p:275-296. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.