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| The Value Effects of Commercial Banks Internationalization: from Market Forces or Regulation Arbitrage?Evidence from Capital Market in China |
| XU Rong XU, Xingmei JI, Xingchen
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School of Finance/China Financial Policy Center, Renmin University of China;
International College, Renmin University of China |
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Abstract Market forces and regulation arbitrage are two explanations for the value effects of bank internationalization in global financial markets. We use event study method to examine these two explanations respectively, based on all bank internationalization events since 2006. The result shows Chinese capital market gives high abnormal returns for capital arbitrage opportunity, but doesn't respond to market forces. The finding remains robust when considering the value effect of creditor protection in target country. This research indicates that how banks choose their target area matters and also helps to understand the motivation of why financial institutions choose internationalization.
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Received: 26 March 2015
Published: 19 April 2018
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