TY - BOOK ID - 84540886 TI - Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets AU - Edison, Hali. AU - Warnock, Francis. PY - 2003 SN - 1462361765 1452704627 128355884X 145192030X 9786613871299 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Capital movements KW - Mathematical models. KW - Exports and Imports KW - Finance: General KW - Investments: Stocks KW - Portfolio Choice KW - Investment Decisions KW - International Financial Markets KW - International Investment KW - Long-term Capital Movements KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - General Financial Markets: General (includes Measurement and Data) KW - Financial Markets and the Macroeconomy KW - International economics KW - Finance KW - Investment & securities KW - Capital controls KW - Stocks KW - Capital flows KW - Emerging and frontier financial markets KW - Market capitalization KW - Balance of payments KW - Financial institutions KW - Financial markets KW - Financial services industry KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540886 AB - We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two important results emerge. First, the cross listing of an emerging market firm on a U.S. exchange is an important but short lived capital flows event, suggesting that the cross listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls are binding. Among the standard push and pull factors, global factors are important-slack U.S. economic activity is associated with increased flows to emerging markets-and U.S. investors appear to chase expected, but not past, returns. ER -