Figure 3
The image contains two scatter plots with fitted trend lines, each representing different aspects of foreign investor participation over time. Panel A on the left shows Foreign Value Share, with the y-axis labeled 'Foreign Value Share' and the x-axis labeled 'Event Time'. Gray dots represent daily observations. The solid blue line indicates the pre-event fitted trend, the dashed blue line shows the counterfactual continuation of the pre-event trend, and the red line represents the fitted post-event trend. Panel B on the right displays Foreign Net Buying, with the y-axis labeled 'Foreign Net Buying' and the x-axis labeled 'Event Time'. Similar to Panel A, gray dots denote daily observations, and the same color scheme is used for the trend lines. The vertical dashed line in both panels marks the offshore listing event date. The plots illustrate how foreign investor participation changes before and after the event, with distinct trends observed post-event.Fitted trends in foreign investor participation. This figure plots the long-run fitted patterns for foreign investor participation around the offshore listing event. Panel A presents Foreign Value Share, and Panel B presents Foreign Net Buying. 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