株式市場の統合効果に関する考察(笠原俊彦教授定年退職記念号)

概要

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In this paper, we examine effects of stock market integration in terms of stock exchange mergers, strategic alliances between exchanges, and cross-listings. Our analysis of the integration of two regional exchanges into Tokyo Stock Exchange shows positive valuation effects on the firms moving to TSE and the significant increases in media coverage of the firms. This finding is consistent with the argument that the increase in investor recognition is an important factor for successful market integration. Also, the experience of co-trading link between Australian Stock Exchange and Singapore Exchange is favorable for the argument. Finally, the regression results indicate that the cross-listings of Japanese firms to oversea markets are complementary to the management ownership for the firm valuation.