What If Trading Location is Different From Business Location ? Evidence from The Jardine Group  

Oleh:

Chan, Kalok ; Lau, Sie Ting ; Hameed, Allaudeen

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 3 (2003), page 1221-1246.
Topik: EVIDENCE; studies; stock market delistings; securities trading; correlation analysis; hypotheses; stock prices; mathematical models
Fulltext: p 1221.pdf (194.16KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine the price behaviour and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates that Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time - varying betas, migration of trading activity, and currency and tax distortions. We conclude that price fluctuations are affected by country - specific investor sentiment.

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