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摘要
En 中文
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 the host and proximate home countries' 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 nonmonotonic market development across countries and over time.
Keyword:
MARKET-SEGMENTATION
STOCK EXCHANGES
UNITED-STATES
REVERSALS
GRAVITY
FINANCE
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收藏分享收藏US cross-listings and the private benefits of control: evidence from dual-class firms美国交叉上市与控制权的私人利益: 来自双层企业的证据
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