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Cross-Listing Waves

Sergei Sarkissian

McGill University; Yerevan State University

Michael J. Schill

University of Virginia ­ Darden School of Business

May 1, 2014

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming

Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity model implications and economic synergy arguments of cross-listing decisions, cross-listing waves in a given host country coincide with the outperformance of host and proximate home country’s economies and financial markets. The valuation gains from listings associated with cross-listing waves are transitory, supporting the market timing component in these decisions. Our results provide novel evidence of non-monotonic market development across countries and over time.

Number of Pages in PDF File: 70

Keywords: Firm valuation; Market competitiveness; Stock exchanges; Trade flows

JEL Classification: F3, F4, G15, G32

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Date posted: August 22, 2008 ; Last revised: May 17, 2014

Suggested Citation

Sarkissian, Sergei and Schill, Michael J., Cross-Listing Waves (May 1, 2014). Journal of Financial and Quantitative Analysis (JFQA), Forthcoming. Available at SSRN: http://ssrn.com/abstract=1244042 or http://dx.doi.org/10.2139/ssrn.1244042

Contact Information

Sergei Sarkissian (Contact Author)
McGill University ( email )
1001 Sherbrooke St. W
Montreal, Quebec H3A 1G5
514-398-4876 (Phone)
514-398-3876 (Fax)
Yerevan State University
1 Alex Manoogian Street
Yerevan, 0025
Michael J. Schill
University of Virginia ­ Darden School of Business ( email )
P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4071 (Phone)
434-243-7676 (Fax)
HOME PAGE: http://www.darden.virginia.edu/faculty/schill.htm
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