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1、ChapterChapter1212InternationalEquityFinancingWhenacompanylistsitssharesonastockmarket,itseekstoaccesscapitalfromawidepoolofinvestors.Apartfromthisprimarymarketatthetimeofaninitialpublicof-fering,thedailytradingofacorporation’ssharesamonginvestors(thesecondarymarket)providesanobjective,forw
2、ard-lookingvaluationofthecompany’sactivities.Thisactivitydeterminesthecostofadditionalequitycapital:Themoreinvestorsarewillingtopayforacompany’sshares,thecheaperwillbeadditionalcapitalwhenthecompanyissuesaddi-tionalshares.Consequently,everythingthataffectsstockmarketpricesisimportantforacap
3、ital-hungrymultinationalcorporation(MNC).(However,weleaveaformaldiscussionoftheinternationalcostofcapitaltoChapter13.)Anotherbenefitoflistingonapublicstockexchangeisthatthepresenceofastockmarketpricecanbeusedtoaligntheinterestsofmanagerswiththeinterestsofshareholdersinmanagementcompensation
4、schemes.ThischapterexamineshowandwhyMNCslisttheirsharesoninternationalequitymarkets.MostMNCslisttheirsharesonthestockexchangesofthecountriesinwhichtheyareheadquartered.However,manyMNCsalsolisttheirsharesonstockexchangeslocatedinothercountries.Forexample,in2010,thetotalvalueofsharestradedint
5、hestockofNokiaontheNewYorkStockExchange(NYSE)exceeded$70billion.SuchalargevolumeforasinglecompanyisnotunusualfortheNYSE.Forinstance,IBM’stotalNYSEtradingvolumedur-ing2010waswellover$150billion.Nevertheless,Nokia,whichisoneoftheworld’spremiermobilephonecompanies,isheadquarteredinFinland,inco
6、ntrasttoIBM,whichisaU.S.com-pany.EventhoughU.S.investorscandirectlybuyNokiastockontheFinnishstockexchangeinwhatiscalledcross-bordertrading,Nokiamustfindthisinternational(“cross-exchange”)stocklistingvaluable.Why?Afterfirstgivingyouatouroftheworld’sstockexchangesandhowtheywork,weexplorethead
7、vantagesanddisadvantagesofcross-listing.12.1ATOUROFINTERNATIONALSTOCKMARKETSTheSizeofStockMarketsExhibit12.1indicatesthattheU.S.stockmarketcapitalizationwasabout31%oftheworld’sstockmarketcapitalizationattheendof2010.Thesecond-largestmarketisthatofJapan,w
