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英文文献：Cross listing: price discovery dynamics and exchange rate effects-交叉上市:价格发现动态与汇率效应
英文文献作者：Cristina M. Scherrer
英文文献摘要：
The paper investigates the dynamics of price discovery for cross-listed firms and the impact of exchange rate shocks on firm value. A simple price discovery model is proposed in which prices in the home and foreign markets react to shocks on two latent prices, namely, the efficient firm value and the efficient exchange rate. I disentangle the effects on firm value from the exchange rate from the other determinants of a firm's cash flow. I use high-frequency data and find that a depreciation/appreciation of the home currency decreases/increases firm value. This finding is consistent with currency fluctuation affecting discount rates.
本文研究了交叉上市公司的价格发现动态以及汇率冲击对企业价值的影响。提出了一个简单的价格发现模型，该模型中，国内外市场的价格对有效企业价值和有效汇率这两个潜在价格的冲击作出反应。我将汇率和公司现金流的其他决定因素对公司价值的影响分离开来。我使用高频数据，发现本币贬值/升值会降低/增加公司价值。这一发现与货币波动对贴现率的影响一致。
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