تجزیه و تحلیل نظری درباره تخفیف سهم H
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42128||2015||7 صفحه PDF||سفارش دهید||6031 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Economic Modelling, Volume 46, April 2015, Pages 262–268
In this paper, I investigate the determinants of price differences in the shares of cross-listed firms in domestic and foreign markets. Diverging from the literature in this field, I introduce a methodology that is independent of any specific form of utility function. My theoretical analysis indicates that investment opportunities and consumption growth cause price disparities between the domestic and foreign shares of cross-listed firms. First, I show that stocks are overpriced in the local market if and only if other domestic investment opportunities are riskier and have a lower expected return than those available in foreign markets. Second, I show that domestic shares are overpriced if and only if the aggregate consumption or consumption growth in the domestic economy is smaller than that in the foreign economy. Approaches in this paper can not only explain H-share discount but also any other cross-listed price disparity.