Abstract

http://ssrn.com/abstract=1650205
 
 

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Do International Cross-Listings Still Matter?


George Andrew Karolyi


Cornell University - Johnson Graduate School of Management

Louis Gagnon


Queen's University (Canada) - School of Business

May 2010

Johnson School Research Paper Series No. 32-2010

Abstract:     
With the rapid globalization of financial markets during the 1980s and 1990s, increasingly more firms from around the world began cross-listing their shares on major overseas stock exchanges. During the past decade, however, the number of new international cross-listings on major exchanges around the world has slowed, yet the globalization process has continued to advance. This article asks whether international cross-listings still matter for global capital markets and answers this question by critically reviewing the most recent research on international cross-listings that focuses on multi-market trading, liquidity, and arbitrage. We conclude that cross-listings continue to be vibrant influencing price discovery, trading, and capital-raising for many companies around the world and thus still represent an important force for the integration of global financial markets.

Number of Pages in PDF File: 43

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Date posted: July 29, 2010  

Suggested Citation

Karolyi, George Andrew and Gagnon, Louis, Do International Cross-Listings Still Matter? (May 2010). Johnson School Research Paper Series No. 32-2010. Available at SSRN: http://ssrn.com/abstract=1650205 or http://dx.doi.org/10.2139/ssrn.1650205

Contact Information

George Andrew Karolyi (Contact Author)
Cornell University - Johnson Graduate School of Management ( email )
Ithaca, NY 14853
United States
Louis Joseph Gagnon
Queen's University (Canada) - School of Business ( email )
Kingston, Ontario K7L 3N6
Canada
613-533-6707 (Phone)
613-533-2321 (Fax)

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References:  142
Citations:  10

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