@techreport{NBERw12589,
 title = "Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets",
 author = "Hali J. Edison and Francis E. Warnock",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "12589",
 year = "2006",
 month = "October",
 URL = "http://www.nber.org/papers/w12589",
 abstract = {We investigate the impact of two types of financial liberalizations on short- and long-horizon capital flows to emerging markets in a framework that controls for push and pull factors. The first type of liberalization, a reduction in capital controls, is countrywide but uncertain, because its extent and permanence is not known with certainty.  The second type, a cross-border listing, is a firm-level liberalization that has no uncertainty.  Consistent with theoretical predictions, we find that the deterministic cross-listing results in an immediate but short-lived increase in capital inflows.  In contrast, the uncertain reduction in capital controls results in increased inflows only over a longer horizon, if at all.},
}