Michael J. Schill
University of Virginia – Darden Graduate School of Business Administration
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, G32Accepted Paper Series
Date posted: August 22, 2008 ; Last revised: May 17, 2014
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