金融与财务学系系列讲座之301期

时   间：2024年4月9日（周二）13:30-15:00 

地   点：史带楼504室

主   题：From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks

主讲人：Grace Xing Hu  Associate Professor, Tsinghua University

摘   要：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.

简   介:

Grace Xing Hu is currently an associate professor at PBC School of Finance, Tsinghua University. Prior to joining PBC School of Finance, she was an assistant professor in Finance at the University of Hong Kong between 2011 and 2019. Grace received her Ph.D. in Economics from Princeton in 2011. She also holds a B.S. in Computer Science from the University of Science and Technology of China, and a M.S. from Northwestern University. Grace’s research focus is on empirical asset pricing, in particular, liquidity, credit risk, and financial crises. Her work has been published in leading academic journals, such as JF, JFE, JFQA, and IRF.

金融与财务学系

2024-4-7