国际财务管理双语教学.pptVIP

欧洲股票市场 * 欧洲股票市场 * 美国存托凭证（ADR） * 全球记名股票 * 国际股票收益率的影响因素 * 宏观经济因素 * 汇率 * 产业结构 * Cross-Listing refers to a firm having its equity shares listed on one or more foreign exchanges. The number of firms doing this has exploded in recent years. It expands the investor base for a firm. Very important reason for firms from emerging market countries with limited capital markets. Establishes name recognition for the firm in new capital markets, paving the way for new issues. May offer marketing advantages. May mitigate possibility of hostile takeovers. The direct sale of new equity capital to U.S. public investors by foreign firms. There is not as yet a single European stock market that comprises all national markets. A lack of common securities regulations, even among the countries of the European Union, is hindering this development. Foreign stocks often trade on U.S. exchanges as ADRs. It is a receipt that represents the number of foreign shares that are deposited at a U.S. bank. The bank serves as a transfer agent for the ADRs There are many advantages to trading ADRs as opposed to direct investment in the company’s shares: ADRs are denominated in U.S. dollars, trade on U.S. exchanges and can be bought through any broker. Dividends are paid in U.S. dollars. Most underlying stocks are bearer securities, the ADRs are registered. DaimlerChrysler AG is a German firm, whose stock trades as a GRS. GRS are one share traded globally, unlike ADRs, which are receipts for banks’ deposits of home-market shares and traded on foreign markets. They trade in both dollars and euros. All shareholders have equal status and voting rights. Macroeconomic Factors Exchange Rates Industrial Structure The data do not support the notion that equity returns are strongly influenced by macro factors. That is correspondent with findings for U.S. equity markets. Exchange rate movements in a given country appear to reinforce the stock market movements within that country. Studies examining the influence of