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Which means, in theory, that WBC shares listed in Australia are more valuable to Australian shareholders than WBC shares listed in New Zealand are to New Zealand shareholders.
On a pure dividend yield basis you are correct. However investors don't invest purely to gain dividend yield. NZ investors also invest outside the NZX to gain exposure to business sectors and markets that are not available within the NZX.
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So, WBC should trade higher on ASX than on NZX but then there's the ability to move shares between the NZ and Au registers at nil cost (although with some delay) which could, in theory, be used to arbitrage the valuation difference.
There is no 'theory' about it. What you outline is what happens. There is no difference between WBC shares listed on the NZX and WBC shares listed on the ASX.