The role of proximities and geographic interactions in shaping global financial integration.: An analysis of cross-border listing flows and spatial configurations of stock-markets in the early XXIst century

International audienceThe assessment of the attractiveness of both stock exchanges and their financial centres has become a crucial issue in the competitive context of financial globalization. Thus, this empirical and geographical contribution attempts to provide a new component to the field of studies related to financial systems attractiveness, by focusing on their gravitational strength and their spatial configurations. From this starting point, cross-listings ties and financial interactions are used as relational benchmarks. And they highlight the role of proximities and geographic interactions in shaping global financial integration. First, the study deals with the scope of the issuers’ pool: does this gravitational force concern regional, macro-regional or global scale? Also at stake is the morphology of the attractiveness area. These spatial configurations generated by the cross-listings ties might be explained by various proximities, differently identified by the previous literature. Thus, the analysis reasserts the proximities and familiarities that assemble issuers and their listing place(s) together. But as those affinities do not have the same influence with one another, it is worth studying their combination, in order to point out which components affect the most each of the seven attractiveness-profiles of markets. Besides, this typology based on a Hierarchical Agglomerative Cluster analysis allows us to discriminate the gravitational strength of the 67 stock exchanges of our sample. Furthermore, the observation of those combinations determines for which stock-markets proximities really matter and why.►►► en ligne sur le site de l'EBHA depuis Août 2008 (tout en bas de la page) ►►► Nb : a engendré la partie 4 de la thèse