English, Article edition: Cross-listed stocks as an information vehicle of speculation: Evidence from European cross-listings in the early 1870s BALTZER, MARKUS

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Bookmark: http://trove.nla.gov.au/version/179203
Physical Description
  • article
Language
  • English

Edition details

Title
  • Cross-listed stocks as an information vehicle of speculation: Evidence from European cross-listings in the early 1870s
Author
  • BALTZER, MARKUS
Physical Description
  • article
Notes
  • This study deals with the price building process of cross-listed stocks on the most important European stock exchanges in the 1870s. By applying a vector error correction approach we look for cointegration relationships. Obviously, there was already a high degree of cross-border integration. Furthermore, we observe the uncommon phenomenon that it was not the home market Vienna but the foreign market Berlin which was the dominant one in the price-building process. An explanation could be the intense speculation during the 1870s in Berlin. Therefore, cross-listed stocks worked as a vehicle for spreading the ongoing speculation from Berlin to other places.
  • RePEc:cup:ereveh:v:10:y:2006:i:03:p:301-327_00
Language
  • English
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