Cross-listing

Working Paper

27 August 2017

What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis

We use a US Supreme Court case, Morrison v. National Australia Bank (2010), as a natural experiment to test the legal bonding hypothesis. By decreasing the potential liability of US-listed foreign firms, particularly due to class...

Amir Licht | Christopher Poliquin | Jordan Siegel | Xi Li
01 August 2008

On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings

Using a sample that provides unprecedented detail on foreign listings for 29 exchanges in 24 countries starting from the early 1980s, we show that although firms list in countries with better investor protection, they are less likely to...

Nuno Fernandes | Mariassunta Giannetti
01 June 2007

Has New York become less competitive in global markets? Evaluating foreign listing choices over time

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to...

Craig Doidge | Andrew Karolyi | René Stulz
01 December 2005

A Breakdown of the Valuation Effects of International Cross-Listing

It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing...

Arturo Bris | Salvatore Cantale | George Nishiotis
01 February 2005

Private Benefits of Control, Ownership, and the Cross-Listing Decision

This paper investigates how a foreign firm's decision to cross-list on a U.S. stock exchange is related to the consumption of private benefits of control by its controlling shareholders. Theory has proposed that when private benefits...

Craig Doidge | Andrew Karolyi | Karl Lins | Darius P. Miller | René Stulz

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