1. Firm-Level Access To International Capital Markets: Evidence From Chilean Equities
- Author:
- Francis E. Warnock and Sara B. Holland
- Publication Date:
- 01-2003
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- 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.
- Topic:
- International Relations, Economics, and International Trade and Finance
- Political Geography:
- South America