期刊
JOURNAL OF BUSINESS RESEARCH
卷 122, 期 -, 页码 14-23出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2020.08.060
关键词
Chinese cross-listed stock; Financial institution; Geographic proximity; Market proximity; Information asymmetry
类别
资金
- LG Yonam Foundation of Korea
The research indicates that U.S. institutions benefit from market proximity advantage, while Chinese institutions benefit from geographic proximity advantage. Institutional ownership predicts stock returns for U.S. and Chinese institutions, but not for institutions from other countries.
The existing research on institutional distance fails to distinguish between geographic and market proximity when investigating the relationship between proximity and investors' performance. We utilize a unique empirical setting-Chinese firms whose stocks are listed on U.S. exchanges-to examine the stand-alone effects of these two forms of proximity on equity performance. We find that institutional ownership predicts stock returns in the case of U.S. and Chinese (Hong Kong) institutions, but this relationship does not hold for institutions from other countries. These findings are consistent with the hypothesis that U.S. institutions benefit from a market proximity advantage, whereas Chinese institutions have a geographic proximity advantage.
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