Three Papers in International Finance
Class action lawsuits , ETFs , International finance , Cross-listed stocks
In this thesis, I broadly explore how the globalization of financial markets affects the valuation of international securities on the U.S. market. My first essay explores the evolution of firms’ valuation, before, during, and after firms cross-listing in the U.S., and provides novel evidence of industry effects in determinants and consequences of cross-listing. My second essay explores how U.S. litigation environment affects the valuation of U.S. listed foreign firms, and documents that firms experience negative return spillovers when their country peers are targeted by U.S. class action lawsuits. My third essay focuses on how trading location affects the return dynamics of international ETFs, the intraday pattern of the impact, as well as the characteristics of trading markets that contribute to the impact.