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管理学workshop:From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks
发布日期：2023-12-08 12:00 来源：
From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks
时间：2023年12月08日10：00
地点：承泽园333教室
Speaker: 陈卓
Abstract:
The U.S. stock market has long been the most popular venue for both foreign companies and global investors. The recent cross-border regulation tensions between the U.S. and China, however, have exposed many U.S.-listed China Concepts Stocks (CCS) to substantial de-listing risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange (HKEX). In this paper, we quantify the economic value of dual-listing, using the SEC’s adoption of the final amendments implementing mandates of the Holding Foreign Companies Accountable Act (HFCAA) on December 2, 2021 as a natural experiment. We estimate that CCS with pre-shock dual-listing status on average have 14.88% higher returns, or USD 8 billion in market capitalization, than their peers listed only on the U.S. exchanges during a three-month period after the shock. Our findings survive a set of robustness checks, including parallel trends test, alternative treatment and control groups based on the qualified but not yet dual-listed CCS, and various sub-sample and placebo analyses. In addition to stock returns, dual-listed CCS are also less adversely affected in trading volume, volatility, and liquidity. Our findings highlight the large economic impact of the escalating political U.S.-China tensions on the global financial markets.
Introduction of Speaker
陈卓现任清华大学五道口金融学院副教授，清华大学中国金融案例中心主任，清华大学全球母基金研究中心副主任，并担任中国财富管理50人论坛（CWM50）国研财富管理研究院监事，中国金融四十人论坛（CF40）青年学者，并获得国家自科优秀青年科学基金项目资助。 陈卓教授于2014年毕业于美国西北大学凯洛格商学院，获得金融学博士学位。在此之前，他获得了美国杜克大学的经济学硕士学位和北京大学工程学与经济学双学士学位。陈卓教授的研究领域是实证资产定价与中国金融市场，包括中国债券市场，地方政府债务，量化投资策略，定量风险管理，以及金融计量学。他的研究成果发表于多个国际国内顶尖期刊，包括Journal of Finance，Journal of Financial Economics，Management Science，经济研究，经济学（季刊），金融研究等。
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管理学workshop:From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks
发布日期：2023-12-08 12:00 来源：
From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks
时间：2023年12月08日10：00
地点：承泽园333教室
Speaker: 陈卓
Abstract:
The U.S. stock market has long been the most popular venue for both foreign companies and global investors. The recent cross-border regulation tensions between the U.S. and China, however, have exposed many U.S.-listed China Concepts Stocks (CCS) to substantial de-listing risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange (HKEX). In this paper, we quantify the economic value of dual-listing, using the SEC’s adoption of the final amendments implementing mandates of the Holding Foreign Companies Accountable Act (HFCAA) on December 2, 2021 as a natural experiment. We estimate that CCS with pre-shock dual-listing status on average have 14.88% higher returns, or USD 8 billion in market capitalization, than their peers listed only on the U.S. exchanges during a three-month period after the shock. Our findings survive a set of robustness checks, including parallel trends test, alternative treatment and control groups based on the qualified but not yet dual-listed CCS, and various sub-sample and placebo analyses. In addition to stock returns, dual-listed CCS are also less adversely affected in trading volume, volatility, and liquidity. Our findings highlight the large economic impact of the escalating political U.S.-China tensions on the global financial markets.
Introduction of Speaker
陈卓现任清华大学五道口金融学院副教授，清华大学中国金融案例中心主任，清华大学全球母基金研究中心副主任，并担任中国财富管理50人论坛（CWM50）国研财富管理研究院监事，中国金融四十人论坛（CF40）青年学者，并获得国家自科优秀青年科学基金项目资助。 陈卓教授于2014年毕业于美国西北大学凯洛格商学院，获得金融学博士学位。在此之前，他获得了美国杜克大学的经济学硕士学位和北京大学工程学与经济学双学士学位。陈卓教授的研究领域是实证资产定价与中国金融市场，包括中国债券市场，地方政府债务，量化投资策略，定量风险管理，以及金融计量学。他的研究成果发表于多个国际国内顶尖期刊，包括Journal of Finance，Journal of Financial Economics，Management Science，经济研究，经济学（季刊），金融研究等。
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