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Stock exchange consolidation and cross-border investment: An empirical assessment
Journal of Financial Stability ( IF 3.554 ) Pub Date : 2020-11-08 , DOI: 10.1016/j.jfs.2020.100796
Maela Giofré

This paper investigates the effects of stock exchange consolidation on foreign portfolio holdings. Sharing a common stock exchange platform enhances cross-border investments, and the consolidation effect is particularly pronounced among member countries that are smaller in size and closer in geographical, cultural and economic terms. These findings survive different econometric specifications and outlier treatments. After accounting for endogeneity of the consolidation process, the effect of exchange consolidation on cross-border investment is confirmed.



中文翻译:

证券交易所合并和跨境投资:一项实证评估

本文研究了证券交易所合并对外国投资组合持有量的影响。共享一个通用的证券交易平台可增强跨境投资,并且在规模较小,地理,文化和经济方面更近的成员国之间,合并效应尤为明显。这些发现在不同的计量经济学规范和异常处理方法中仍然存在。在考虑了合并过程的内生性之后,确认了交易所合并对跨境投资的影响。

更新日期:2020-12-23
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