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Do International Cross-Listings Still Matter?

43 Pages Posted: 29 Jul 2010  

George Andrew Karolyi

Cornell University - Johnson Graduate School of Management

Louis Gagnon

Queen's School of Business

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Date Written: May 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.

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: https://ssrn.com/abstract=1650205 or http://dx.doi.org/10.2139/ssrn.1650205

George Andrew Karolyi (Contact Author)

Cornell University - Johnson Graduate School of Management ( email )

Ithaca, NY 14853
United States

Louis Joseph Gagnon

Queen's School of Business ( email )

Kingston, Ontario K7L 3N6
Canada
613-533-6707 (Phone)
613-533-2321 (Fax)

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