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Others: Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US
| Title | Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US |
|---|---|
| Authors | |
| Keywords | Foreign Listings Initial Public Offerings Liquidity Liability of Foreignness |
| Issue Date | 2017 |
| Citation | Banti, Chiara and Biddle, Gary C. and Filatotchev, Igor and Jona, Jonathan, Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US (September 14, 2017). Retrieved from SSRN: https://ssrn.com/abstract=3037214 How to Cite? |
| Abstract | Using a unique dataset of foreign and domestic IPOs listings in the US from 1990 to 2012, we study how foreignness affects IPO liquidity. We find that foreign IPOs enjoy higher liquidity than IPOs in their home countries, but do not fully gain the same liquidity benefits as for IPOs of domestic US issuers. In contrast to prior evidence for mature cross-listed firms, we show that liquidity differentials between foreign and domestic IPOs in the US are determined by information asymmetry related to foreignness rather than to home-country institutional environment characteristics. Thus, our results extend prior findings to reveal salient differences in liquidity and liquidity determinants between IPOs offerings by foreign and domestic firms in the US. |
| Persistent Identifier | http://hdl.handle.net/10722/246858 |
| SSRN |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Banti, C | - |
| dc.contributor.author | Biddle, GC | - |
| dc.contributor.author | Filatotchev, I | - |
| dc.contributor.author | Jona, J | - |
| dc.date.accessioned | 2017-09-27T03:40:24Z | - |
| dc.date.available | 2017-09-27T03:40:24Z | - |
| dc.date.issued | 2017 | - |
| dc.identifier.citation | Banti, Chiara and Biddle, Gary C. and Filatotchev, Igor and Jona, Jonathan, Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US (September 14, 2017). Retrieved from SSRN: https://ssrn.com/abstract=3037214 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/246858 | - |
| dc.description.abstract | Using a unique dataset of foreign and domestic IPOs listings in the US from 1990 to 2012, we study how foreignness affects IPO liquidity. We find that foreign IPOs enjoy higher liquidity than IPOs in their home countries, but do not fully gain the same liquidity benefits as for IPOs of domestic US issuers. In contrast to prior evidence for mature cross-listed firms, we show that liquidity differentials between foreign and domestic IPOs in the US are determined by information asymmetry related to foreignness rather than to home-country institutional environment characteristics. Thus, our results extend prior findings to reveal salient differences in liquidity and liquidity determinants between IPOs offerings by foreign and domestic firms in the US. | - |
| dc.language | eng | - |
| dc.subject | Foreign Listings | - |
| dc.subject | Initial Public Offerings | - |
| dc.subject | Liquidity | - |
| dc.subject | Liability of Foreignness | - |
| dc.title | Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US | - |
| dc.type | Others | - |
| dc.identifier.email | Biddle, GC: biddle@hku.hk | - |
| dc.identifier.authority | Biddle, GC=rp00230 | - |
| dc.description.nature | postprint | - |
| dc.identifier.ssrn | 3037214 | - |