Cross-listing
Working Paper
The Teva Case: A Tale of a Race to the Bottom in Global Securities Regulation
This article tells how a shareholder class action against Teva Pharmaceutical Industries, the largest generic drug maker in the world, ended the practice of hiding individual executive pay figures by companies crosslisted in Israel and the United...Read more
Investor Choice in Global Securities Markets
This paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the operation of securities markets and the challenges this poses for their regulation. In Part I...Read more
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 action lawsuits...Read more
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 list in...Read more
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 assess...Read more
U.S. Securities Regulation in a World of Global Exchanges
Recently there has been a dramatic change in the organizational structure of exchanges as they have demutualized and converted into for-profit entities. This has been accompanied by a public listing of shares on the exchange itself. These changes...Read more
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 on prices...Read more
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 are high,...Read more