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The Global Stock MarketIssuers, Investors, and Intermediaries in an Uneven World$
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Dariusz Wójcik

Print publication date: 2011

Print ISBN-13: 9780199592180

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199592180.001.0001

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The Footprint of Foreign Listing: Issuers from Emerging Markets

The Footprint of Foreign Listing: Issuers from Emerging Markets

(p.39) 3 The Footprint of Foreign Listing: Issuers from Emerging Markets
The Global Stock Market

Dariusz Wójcik

Oxford University Press

Chapter 3 continues the focus on issuers, but this time in an international context. The analysis is based on the most dynamic part of the foreign listing market in 2000s: issuers from Brazil, Russia, India, and China listing their shares in the USA, the UK, and Luxembourg. The results show that these issuers are mostly large firms, coming from relatively high-growth, internationally oriented sectors, and headquartered overwhelmingly in the leading business centres of their home countries. Key intermediaries in the foreign listing process are the global investment banks, linking the locations of the cross-listing firms with the financial centres where the host stock exchanges are located. Competition is fierce, with both the host markets and intermediaries specializing in terms of the size, sector, and geographical origin of the issuers they serve.

Keywords:   issuers, foreign listing, Brazil, Russia, India, China, London, New York, Luxembourg, investment banks

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