Publication:
Migration, Spillovers, and Trade Diversion : The Impact of Internationalization on Stock Market Liquidity

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dc.contributor.authorLevine, Ross
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2014-05-06T16:17:59Z
dc.date.available2014-05-06T16:17:59Z
dc.date.issued2003-05
dc.description.abstractWhat is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, Levine and Schmukler find that internationalization reduces the liquidity of domestic firms through two channels. First, the trading of international firms migrates from domestic to international markets and the reduction in domestic liquidity of international firms has negative spillover effects on domestic firm liquidity. Second, there is trade diversion within domestic markets as liquidity shifts out of domestic firms and into international firms.en
dc.identifierhttp://documents.worldbank.org/curated/en/2003/05/2360827/migration-spillovers-trade-diversion-impact-internationalization-stock-market-liquidity
dc.identifier.doi10.1596/1813-9450-3046
dc.identifier.urihttps://hdl.handle.net/10986/18189
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 3046
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCOMPANY
dc.subjectCORPORATION
dc.subjectDIVERSIFICATION
dc.subjectECONOMIC GROWTH
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY MARKETS
dc.subjectEXPANSION
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL MARKETS
dc.subjectFIRM SIZE
dc.subjectFIRMS
dc.subjectFIXED COSTS
dc.subjectFOREIGN MARKETS
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGLOBALIZATION
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectINFLATION
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL MARKETS
dc.subjectLIQUIDITY
dc.subjectMACROECONOMICS
dc.subjectMARKET INTEGRATION
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKETS
dc.subjectSTOCK PRICES
dc.subjectTRADE DIVERSION
dc.subjectTRANSPARENCY
dc.subjectINTERNATIONAL FINANCE
dc.subjectASSET PRICING
dc.titleMigration, Spillovers, and Trade Diversion : The Impact of Internationalization on Stock Market Liquidityen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.crossref.titleMigration, Spillovers, and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity
okr.date.doiregistration2025-04-10T10:27:05.739330Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2003/05/2360827/migration-spillovers-trade-diversion-impact-internationalization-stock-market-liquidity
okr.globalpracticeTransport and ICT
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid540251468766755776
okr.identifier.doi10.1596/1813-9450-3046
okr.identifier.externaldocumentum000094946_03052804040638
okr.identifier.internaldocumentum2360827
okr.identifier.reportWPS3046
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/06/06/000094946_03052804040638/Rendered/PDF/multi0page.pdfen
okr.topicPrivate Sector Development::Small and Medium Size Enterprises
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicSmall Scale Enterprise
okr.topicPayment Systems and Infrastructure
okr.topicInfrastructure Economics and Finance::Private Participation in Infrastructure
okr.unitMacroeconomnics and Growth Team, Development Research Group
okr.volume1
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relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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