【报告摘要】The U.S. stock market has long been the most popular venue for both foreign companies and global investors. The recent cross-border regulation tensions between the U.S. and China, however, have exposed many U.S.-listed China Concepts Stocks (CCS) to substantial de-listing risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange (HKEX). In this paper, we quantify the economic value of dual-listing, using the SEC’s adoption of the final amendments implementing mandates of the Holding Foreign Companies Accountable Act (HFCAA) on December 2, 2021 as a natural experiment. We estimate that CCS with pre-shock dual-listing status on average have 14.88% higher returns, or USD 8 billion in market capitalization, than their peers listed only on the U.S. exchanges during a three-month period after the shock. Our findings survive a set of robustness checks, including parallel trends test, alternative treatment and control groups based on the qualified but not yet dual-listed CCS, and various sub-sample and placebo analyses. In addition to stock returns, dual-listed CCS are also less adversely affected in trading volume, volatility, and liquidity. Our findings highlight the large economic impact of the escalating political U.S.-China tensions on the global financial markets.

【报告人简介】胡杏，清华大学五道口金融学院副教授，曾于2011年至2019年间担任香港大学金融学助理教授，2011年获得普林斯顿大学经济学博士学位。此前获得了西北大学硕士学位和中国科学技术大学计算机科学学士学位。 胡杏的研究领域主要包括实证资产定价，重点关注资产流动性、信贷风险以及金融危机。她在JournalofFinance,Journaof Financial Economics, Journal of Financial and Quantitative Analysisand International Review ofFinance 等一流学术期刊上发表过多篇论文