Exchange trading rules, governance, and trading location of cross-listed stocks

Cumming, D; Humphery-Jenner, M; Wu, E

Exchange trading rules, governance, and trading location of cross-listed stocks

Cumming, D Humphery-Jenner, M Wu, E

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Publisher:: University of NSW
Publication Type:: Conference Proceeding
Citation:: 24th Australasian Finance and Banking Conference Proceedings, 2011, pp. 1 - 61
Issue Date:: 2011-01

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Field	Value	Language
dc.contributor.author	Cumming, D	en_US
dc.contributor.author	Humphery-Jenner, M	en_US
dc.contributor.author	Wu, E	en_US
dc.contributor.editor	Moshirian, FEA	en_US
dc.date	2011-12-14	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	24th Australasian Finance and Banking Conference Proceedings, 2011, pp. 1 - 61	en_US
dc.identifier.isbn	978-0-9873127-3-0	en_US
dc.identifier.uri	http://hdl.handle.net/10453/19407
dc.description.abstract	We examine the location of trades for stocks cross-listed in the U.S. We consider for the first time in this context the role of the actual rules for trading on exchanges, both across countries and over time, to understand trading patterns. As well, we consider various new measures of sovereign governance and shareholder rights across counties to assess other legal and institutional drivers of trading activity. The data indicate that the proportion of trades that occurs on an exchange monotonically increases with sovereign governance and increases at a decreasing rate with the number of stock exchange trading rules.	en_US
dc.publisher	University of NSW	en_US
dc.relation.ispartof	24th Australasian Finance and Banking Conference Proceedings	en_US
dc.relation.ispartof	Australasian Finance and Banking Conference	en_US
dc.title	Exchange trading rules, governance, and trading location of cross-listed stocks	en_US
dc.type	Conference Proceeding
utslib.location	Sydney, Australia	en_US
utslib.location.activity	Sydney Australia	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
dc.location.activity	Sydney Australia	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	open_access
pubs.consider-herdc	true	en_US
pubs.place-of-publication	Sydney, Australia	en_US
pubs.start-date	2011-12-14	en_US

Abstract:

We examine the location of trades for stocks cross-listed in the U.S. We consider for the first time in this context the role of the actual rules for trading on exchanges, both across countries and over time, to understand trading patterns. As well, we consider various new measures of sovereign governance and shareholder rights across counties to assess other legal and institutional drivers of trading activity. The data indicate that the proportion of trades that occurs on an exchange monotonically increases with sovereign governance and increases at a decreasing rate with the number of stock exchange trading rules.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/19407