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Board of Governors of the Federal Reserve System (U.S.)
International Finance Discussion Papers
Firm-level access to international capital markets: evidence from Chilean equities
Sara B. Holland
Francis E. Warnock
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.


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Sara B. Holland & Francis E. Warnock, Firm-level access to international capital markets: evidence from Chilean equities, Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers 753, 2003.
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Keywords: International finance ; Capital market
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