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Firm-level access to international capital markets: evidence from Chilean equities

Listed author(s):
  • Sara B. Holland
  • Francis E. Warnock

High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm's portfolio weight is whether it is listed on a U.S. exchange. Cross-listing does not, however, appear to have permanent benefits: Weights in U.S. portfolios of firms that cross-listed in the mid-1990s increased at the expense of firms that cross-listed earlier. Put another way, firms appear to be able to access international capital at the time of the cross-listing, but this access may well be short-lived.

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File URL: http://www.federalreserve.gov/pubs/ifdp/2003/753/default.htm
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File URL: http://www.federalreserve.gov/pubs/ifdp/2003/753/ifdp753.pdf
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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 753.

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Date of creation: 2003
Handle: RePEc:fip:fedgif:753
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