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Cross-Listing Waves

Sergei Sarkissian

McGill University

Michael J. Schill

University of Virginia – Darden Graduate School of Business Administration

October 5, 2012

Using a 57-year global panel of foreign listings on a broad set of stock exchanges, we identify waves in foreign listing activity at the host market, home market, and industry levels. We document that waves in host markets are often due to cross-listing waves in home markets that share a particular affiliation with the respective host market. Furthermore, based on the implications of a gravity model, we find that cross-listing waves in a given host country coincide with the outperformance of both the host and proximate home country’s economy and financial markets relative to other competing markets. We also show that much of the valuation gains associated with foreign listing are associated with cross-listing waves, but that such gains are particularly transitory. 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, Market timing; Proximity measure, Stock exchanges

JEL Classification: F3, F4, G15, G32

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Date posted: August 22, 2008 ; Last revised: October 8, 2012

Suggested Citation

Sarkissian, Sergei and Schill, Michael J., Cross-Listing Waves (October 5, 2012). 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)
Michael J. Schill
University of Virginia – Darden Graduate School of Business Administration ( 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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References:  55
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