Revue internationale d'éducation de Sèvres

Castilla y León es una región típica del rural profundo de Europa; con casi 95.000 km2 y solo 2,5 millones de habitantes, destaca por la baja densidad de población, el envejecimiento, el declive demográfico y el predominio de las zonas rurales. La mitad de su población es rural, aunque la agricultura solo emplea el 7% de la mano de obra regional, si bien llega hasta el 80% y el 100% en muchos municipios rurales pequeños.El poblamiento actual, disfuncional, consta de un elevado número de asentamientos, mucho mayor que el correspondiente a los habitantes residentes. Muchos de ellos no desaparecen gracias a la rehabilitación de algunas casas y a la construcción de otras, merced a la llegada, escasa, de nuevos habitantes y a la llegada, masiva, de residentes temporales. Sin embargo, existe una clara dualidad rural entre las áreas periurbanas y el resto del territorio.

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Cross-Listing and Pricing Efficiency: The Informational and Anchoring Role Played by the Reference Price

Chang

Luo

Ren

2011

SSRN Journal

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When a firm cross-lists its shares in segmented markets, the price of the first issued share, as a reference, plays both an informational and anchoring role in pricing the second issued share. We develop a model illustrating the dual-role. Empirically, we examine a group of Chinese firms that first issue foreign shares and then domestic A-shares, for which the anchoring effect adds to the Ashare underpricing. Consistent with the model predictions, we find that the A-share underpricing is positively related to the difference in costs of capital in the two segmented markets, and that this positive association is weaker when participants are less likely to resort to the anchoring heuristic and when the A-share valuation involves less uncertainty.

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Revue internationale d'éducation de Sèvres

Cited by 4 publications

References 228 publications

What role for developmental theories in mathematics study programmes in French-speaking Belgium? An analysis of the geometry curriculum’s aspects, framed by Van Hiele's model

What role for developmental theories in mathematics study programmes in French-speaking Belgium? An analysis of the geometry curriculum’s aspects, framed by Van Hiele's model

La persistencia de la dualidad rural y el valor de la nueva ruralidad en Castilla y León (España)

Cross-Listing and Pricing Efficiency: The Informational and Anchoring Role Played by the Reference Price

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