Cross-listing premium in the US and the UK destination

被引：18

作者：

Bianconi, Marcelo ^{[1
]}

Tan, Liang ^{[2
]}

机构：

[1] Tufts Univ, Dept Econ, Medford, MA 02155 USA

[2] Northwestern Univ, Dept Accounting Informat & Management, Kellogg Sch Management, Evanston, IL 60208 USA

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2010年 / 19卷 / 02期

关键词：

Cross-listing premium; Treatment effects; Location; UNITED-STATES; INTERNATIONAL LISTINGS; CORPORATE VALUATION; MARKET-SEGMENTATION; STOCKS; FIRMS; INFORMATION; COMPETITION; GOVERNANCE; PROTECTION;

D O I：

10.1016/j.iref.2009.09.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper tests the main hypothesis that firms that cross-list have higher valuations, and provides evidence on the valuation effect of cross-listing on a major non-US market, the UK compared to the US market from source countries in the Asia-Pacific region in 2003-2004. We find evidence that there is a cross-listing premium in both markets. However, the evidence on whether the premium is significantly different in the two countries is mixed. Using univariate, OLS and random effects methods. we find some evidence that the premium in the US is higher, but using a treatment effect methodology we find that the difference is not robust. (C) 2009 Elsevier Inc. All rights reserved.

引用

页码：244 / 259

页数：16

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