Market segmentation and equity valuation: Comparing Canada and the United States

• Main Authors: SEGAL, Dan, King, Michael
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2008
• 主題: Accounting; Corporate Finance; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/813; http://dx.doi.org/10.1016/j.intfin.2006.10.003

We confirm that Canadian and U.S. equity markets remain segmented and find no evidence that integration is increasing over time. We establish this result by comparing the valuation multiples assigned to the equity of Canadian firms listed exclusively in the home market with a matched sample of U.S....