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Determinants of the Price of Dual Listed Stocks

Summary/Abstract: Companies that want to supply capital from international capital markets, the second registration to foreign stock exchange is expressed as a dual -listed. In the study, the reasons for the price differences of the dual-listed stocks are investigated. The application has made on the most marketed stock exchanges in New York, London and Tokyo Stock Exchanges. It has been found that the development of individual models for every stock market will yield better meaningful results in studies of dual-listeds. Therefore, a different model has been developed for every stock exchange. The model includes variables of stock price, interest rate, inflation rate, exchange rate, return on assets, return on equity, current ratio and gold price. The annual datas for the period 2010-2015 have been used in the panel data method. As a result of the analysis, the price of the stock traded on a stock exchange, is affected by the prices in other stock markets traded at the same time, especially the stock prices in New York Stock Exchange affected stocks prices in other stock exchanges.

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