Please use this identifier to cite or link to this item: https://doi.org/10.1111/1540-6261.00564
Title: What if Trading Location Is Different from Business Location? Evidence from the Jardine Group
Authors: Chan, K.
Hameed, A. 
Lau, S.T.
Issue Date: 2003
Source: Chan, K., Hameed, A., Lau, S.T. (2003). What if Trading Location Is Different from Business Location? Evidence from the Jardine Group. Journal of Finance 58 (3) : 1221-1246. ScholarBank@NUS Repository. https://doi.org/10.1111/1540-6261.00564
Abstract: We examine the price behavior and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates the Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time-varying betas, migration of trading activity, and currency and tax distortions. We conclude that price fluctuations are affected by country-specific investor sentiment.
Source Title: Journal of Finance
URI: http://scholarbank.nus.edu.sg/handle/10635/44521
ISSN: 00221082
DOI: 10.1111/1540-6261.00564
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