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This study investigates the reasons for and the price effects of foreign listings and voluntary delistings on the Tokyo Stock Exchange (TSE). Such an effort is worthwhile for the following reasons. First, unlike previous studies on U.S. listings abroad, which focus almost exclusively on the listing day, this study examines the price effects at both the announcement and listing day. Second, it analyzes the price effects of seasoned equity offerings (SEO) at the cross-listings by U.S. firms for the first time. Finally, it is the first study that investigates voluntary foreign delistings and the accompanying SEO impacts Major findings are summarized as follows. Foreign firms list their shares in Tokyo for two basic reasons: raising funds from Japan and promoting their name recognition in Japan. Firms delist when their trading volumes in Tokyo become so low as not to be able to justify the relatively low costs of maintaining their listings. Home-market share prices drop significantly both upon the announcement of the listing and at the actual listing. However, no significant price reactions appear in the home market both around the announcement of the delisting and at the actual delisting Several potential explanations are offered for the non-responses. Unlike SEOs by foreign firms in the U.S., SEOs by U.S. firms at their TSE listings do not seem to affect home-market share prices. These findings contrast with theoretical predictions and provide a basis for further theoretical research in asset pricing.
This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal). The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today. Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.
The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.