Chang, Eric C.; Luo, Yan; Ren, Jinjuan - In: Journal of Banking & Finance 37 (2013) 11, pp. 4449-4464
When a firm cross-lists its shares in segmented markets, the price of the first issued share, as a reference, plays both an informational and anchoring role in pricing the second issued share. We develop a model illustrating the dual-role. Empirically, we examine a group of Chinese firms that...