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Are There Permanent Valuation Gains to Overseas Listings?


Sergei Sarkissian


McGill University

Michael J. Schill


University of Virginia – Darden Graduate School of Business Administration

February 15, 2007

Darden School of Business Working Paper No. 03-03

Abstract:     
This paper tests whether foreign equity listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a global sample of 1676 listings placed in 25 countries, we find that much of the valuation gains to overseas listings are not permanent. The transitory nature of valuation gains holds for both average U.S. listings and average first-time firm listings. We find little evidence of a permanent effect on returns for firms that list abroad, even for firms' listings in markets that are more liquid, provide better legal protection, or have a larger shareholder base.

Number of Pages in PDF File: 51

Keywords: Overseas Listing, International Cost of Capital, Cross Listing

JEL Classification: G15, G32

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Date posted: August 2, 2004 ; Last revised: October 10, 2007

Suggested Citation

Sarkissian, Sergei and Schill, Michael J., Are There Permanent Valuation Gains to Overseas Listings? (February 15, 2007). Darden School of Business Working Paper No. 03-03. Available at SSRN: http://ssrn.com/abstract=395140 or http://dx.doi.org/10.2139/ssrn.395140

Contact Information

Sergei Sarkissian
McGill University ( email )
1001 Sherbrooke St. W
Montreal, Quebec H3A 1G5
Canada
514-398-4876 (Phone)
514-398-3876 (Fax)
Michael J. Schill (Contact Author)
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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