A Breakdown of the Valuation Effects of International Cross-Listing

Bris, Arturo; Cantale, Salvatore; Nishiotis, George

doi:10.2139/ssrn.868485

Cited by 19 publications

(22 citation statements)

References 33 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…(2007). Additional support for the market segmentation hypothesis for cross‐listings is found in Serra (1999) and in Bris et al . (2007).…”

mentioning

confidence: 58%

“…13 Empirical evidence that the cost of capital falls with the cross-listing includes Foerster and Karolyi (1999), Errunza and Miller (2000) and Eaton et al (2007). Additional support for the market segmentation hypothesis for cross-listings is found in Serra (1999) and in Bris et al (2007). Table 5 Cross-sectional differences in cumulative abnormal returns of rival firms Risk sharing hypothesis…”

Section: Positive Spillover Effectsmentioning

confidence: 96%

See 1 more Smart Citation

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

Melvin¹,

Valero²

2008

Euro Fin Management

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. We analyze the stock price impact of firms' U.S. cross-listing on home-market rival firms. Terms of use: Documents in EconStor mayUsing an empirical event study approach we find negative cumulative average abnormal returns for the rival firms. The evidence suggests that the dominant effect is that investors see rivals as at a relative disadvantage to the listing firm. As firms cross-list in the US and commit to the increased disclosure and investor protection associated with the US listing, they are better able to take advantage of growth opportunities relative to their non cross-listing counterparts, and this results in negative spillover effects on rival firms.JEL Code: G15.

show abstract

“…(2007). Additional support for the market segmentation hypothesis for cross‐listings is found in Serra (1999) and in Bris et al . (2007).…”

mentioning

confidence: 58%

Section: Positive Spillover Effectsmentioning

confidence: 96%

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

Melvin¹,

Valero²

2008

Euro Fin Management

View full text Add to dashboard Cite

show abstract

“…8. For an analysis of price reactions to cross-listings, see Stapleton and Subrahmanyam (1977), Errunza and Losq (1985), Alexander et al (1988), Torabzadeh et al (1992), Kadlec and McConnell (1994), Lau et al (1994), Sundaram and Logue (1996), Foerster and Karolyi (1999), Miller (1999), Serra (1999), Doukas and Switzer (2000), Errunza and Miller (2000), Bris et al (2007), Litvak (2008), Roosenboom and van Dijk (2009) and Sarkissian and Schill (2009). 9.…”

Section: Resultsmentioning

confidence: 99%

“…(), Sundaram and Logue (), Foerster and Karolyi (), Miller (), Serra (), Doukas and Switzer (), Errunza and Miller (), Bris et al . (), Litvak (), Roosenboom and van Dijk () and Sarkissian and Schill ().…”

mentioning

confidence: 99%

See 1 more Smart Citation

Determinants of Liquidity (Re)Allocation and the Decision to Cross‐List or Cross‐Delist

2016

View full text Add to dashboard Cite

This paper examines the factors influencing the liquidity allocation between local and foreign dual listings. Based on a comprehensive data set covering the period between 2001 and 2011, empirical results suggest that the fraction of trading in the foreign listing decreases with a higher degree of stock market integration measured as the stock price correlation with the world market. Furthermore, the analysis of individual cross‐listings reveals that both an improvement of a country's state of economic development and a better regulatory environment significantly affect the allocation of trading. While an improvement in economic development increases both local and foreign liquidity, a strengthening of regulatory standards leads to a decrease in trading volumes at foreign exchanges. Finally, the liquidity share in the foreign listing is found to decrease over time, a trend that turns out to be driven by developing rather than by developed markets. Copyright © 2016 John Wiley & Sons, Ltd.

show abstract

Competence and enterprise of management as drivers of early foreign listing of medium-sized emerging market multinationals (EMNEs) from Africa

Adams

Attah‐Boakye

et al. 2023

Journal of Business Research

View full text Add to dashboard Cite

A Breakdown of the Valuation Effects of International Cross-Listing

Cited by 19 publications

References 33 publications

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

Determinants of Liquidity (Re)Allocation and the Decision to Cross‐List or Cross‐Delist

Competence and enterprise of management as drivers of early foreign listing of medium-sized emerging market multinationals (EMNEs) from Africa

Contact Info

Product

Resources

About