Cross-Listing Waves

70 Pages Posted: 22 Aug 2008 Last revised: 5 Jun 2017

See all articles by Sergei Sarkissian

Sergei Sarkissian

McGill University; University of Edinburgh

Michael J. Schill

University of Virginia - Darden School of Business

Date Written: May 1, 2014


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.

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

JEL Classification: F3, F4, G15, G32

Suggested Citation

Sarkissian, Sergei and Schill, Michael J., Cross-Listing Waves (May 1, 2014). Journal of Financial and Quantitative Analysis, 2016, 51(1), 259-306., Available at SSRN: or

Sergei Sarkissian (Contact Author)

McGill University ( email )

1001 Sherbrooke St. W
Montreal, Quebec H3A 1G5
514-398-4876 (Phone)
514-398-3876 (Fax)


University of Edinburgh

29 Buccleuch Pl.
Edinburgh, Scotland EH8 9JS
United Kingdom

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)


Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics