Özet:

Companies seeking to supply capital from international capital markets, registering on a foreign exchange for the second time outside the national exchanges, is expressed as a double record. The study investigates the causes of the value differences of the double-registered stocks. The application market value is made from the highest exchanges in the New York, London and Tokyo Stock Exchange. In the studies on double-registered stock exchanges, it is expressed in the literature that the development of a separate model for each stock exchange will give more meaningful results. Therefore, a separate model is created for each stock market. The study model includes stock price, interest rate, inflation, exchange rate, active profit rate, capital profit rate, currency rate and gold price variables. The model consisting of annual data for the period 2010-2015 was analyzed using the smallest square method of panel data. The analysis found that the price of a stock exchanged on a stock exchange was influenced by the prices of other stock exchanged at the same time, especially the prices on the New York Stock Exchange were determining in the formation of prices on other stock exchanges.

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