Not logged in.
Quick Search - Contribution
Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | An explanation for the price disparity in the segmented market: evidence from dual-listed firms in the Chinese and US stock market |
Organization Unit | |
Authors |
|
Supervisors |
|
Language |
|
Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Date | 2023 |
Abstract Text | This paper investigates the relationship between stock liquidity and the corresponding ADR shares discount using a sample of cross-listed firms in both the A shares market in China and the ADR market in the USA. The liquidity hypothesis is examined by introducing the market depth variables. The result of this study indicates that a smaller difference in stock liquidity between A shares and ADR is related to a lower corresponding discount in the ADR market. Such an effect is validated by the subperiod check. Overall, this study highlights that market liquidity of cross-listed stocks explains a proportion of the variation in price disparity that long existed in the ADR market. Meanwhile, a stock-specific factor for the price disparity is also proposed in this paper. |
Export | BibTeX |