Figure 1
Two scatter plots with fitted lines depict trends in trading value and liquidity over time. Panel A shows a scatter plot with fitted lines for the natural logarithm of trading value. The x-axis represents event time in days, ranging from -300 to 200, and the y-axis represents the natural logarithm of trading value, ranging from 15 to 18. Gray dots denote daily observations. The solid blue line represents the pre-event fitted trend, the dashed blue line represents the counterfactual continuation of the pre-event trend, and the red line represents the fitted post-event trend. The vertical dashed line indicates the offshore listing event date. Panel B shows a scatter plot with fitted lines for liquidity. The x-axis represents event time in days, ranging from -300 to 200, and the y-axis represents liquidity, ranging from 18 to 28. Gray dots denote daily observations. The vertical dashed line indicates the offshore listing event date.Fitted trends in trading activity and liquidity. This figure plots the long-run fitted patterns around the offshore listing event. Panel A presents ln(Trading Value), and Panel B presents Liquidity. Gray dots denote daily observations. The solid blue line represents the pre-event fitted trend, the dashed blue line represents the counterfactual continuation of the pre-event trend, and the red line represents the fitted post-event trend. The vertical dashed line indicates the offshore listing event date. Liquidity is measured using an Amihud-based liquidity measure, with higher values indicating greater market liquidity