Valuation effects of international stock exchange listings

Lau, Sing; Diltz, J. David; Apilado, Vincent P.

doi:10.1016/0378-4266(93)00018-k

Cited by 85 publications

(45 citation statements)

References 17 publications

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“…These results contrast with earlier studies that report an insignificant stock price reaction in the listing month for US firms listing their shares in London, Tokyo, Toronto, or continental Europe (Lee, 1991;Varela and Lee, 1993;Lau et al, 1994). In this paper, we compare cross-listings on non-US exchanges with those on US exchanges to examine the role of the destination market and firm characteristics in value creation around cross-listings.…”

Section: Explanations For Valuation Gains Around Cross-listingsmentioning

confidence: 66%

The market reaction to cross-listings: Does the destination market matter?

Roosenboom

Dijk

2009

Journal of Banking & Finance

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Section: Explanations For Valuation Gains Around Cross-listingsmentioning

confidence: 66%

The market reaction to cross-listings: Does the destination market matter?

Roosenboom

Dijk

2009

Journal of Banking & Finance

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“…The results were carefully separated into those for U.S. firms listing in London, Tokyo, Toronto and other major overseas exchanges and those for non-U.S. firms listing on U.S exchanges. Studies in the former category by Lee (1991), Torabzadeh et al (1992), Varela and Lee (1993a, b), and Lau et al (1994) all found either slightly positive or neutral market reactions in the listing month. The latter category included Switzer's original (1986) study of Canadian firms only, Alexander, Eun and Janakiramanan (1988), Foerster and Karolyi (1993), Jayaraman et al (1993), Viswanathan (1996), and Ko et al (1997).…”

Section: Share Price Reactions To Cross-listing Decisionsmentioning

confidence: 96%

The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom*

Karolyi

2006

Review of Finance

446

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There has long prevailed a conventional wisdom rationalizing why firms pursue overseas listings. It argues that firms seek such opportunities to benefit from a lower cost of capital that arises because their shares become more accessible to global investors. Much recent evidence challenges this conventional wisdom. In fact, several new research initiatives have been proposed that factor into the overseas listing decision many more complex risks that globalization can create at the firm level, such as agency conflicts, transparency and disclosure concerns, and other corporate governance problems. The goal of this article is to survey, synthesize and critically review this new literature and to identify yet unresolved questions to answer.

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“…Our work is also related to the literature on cross-listing announcement effects on share prices (Roosenboom and van Dijk, 2009;Foerster and Karolyi, 1999;Miller, 1999;Perotti and Cordfunke, 1997;Lau et al, 1994;Alexander et al, 1988;Howe and Kelm, 1987).…”

Section: Introductionmentioning

confidence: 97%