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West Africa Liquidity Regional Listing BH - 14-May-2013.pdf (539.11 kB)

The liquidity-cost implications from the attraction of regional primary listings: evidence from West Africa

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posted on 2023-06-09, 03:45 authored by Bruce Hearn
This study reviews the liquidity costs for firms in outlying regions in primary listing on a centralized stock exchange. Using a unique hand-collected sample comprising all listed firms from across West Africa we find evidence that firms from outlying regions do have higher illiquidity costs although these can be mitigated from improvements in transparency that are associated with increasing familiarity amongst investment community of central exchange. This evidence has implications regarding the integration of stock exchanges in developing regions where this is likely to result in a greater concentration of liquidity mitigating intended optimal redistribution of capital and resources

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Research in International Business and Finance

ISSN

0275-5319

Publisher

Elsevier

Issue

1

Volume

30

Page range

91-110

Department affiliated with

  • Business and Management Publications

Research groups affiliated with

  • Business and Finance Research Group Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2016-10-26

First Open Access (FOA) Date

2016-10-26

First Compliant Deposit (FCD) Date

2016-10-26

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