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| Author: | Bris, A. Cantale, S. Nishiotis, G.P. |
| Title: | A breakdown of the valuation effects of international cross-listing |
| Journal: | European Financial Management
2007 : JUN, VOL. 13:3, p. 498-530 |
| Index terms: | corporate governance exchange rates segmentation stock markets |
| Language: | eng |
| Abstract: | It is well known that cross-listing domestic stocks in foreign exchanges has significantly valuation effects on the listed company's shares. A sample of companies with dual shares are used to explore the differential effects of cross-listing on prices and the study is able to separate the different sources of the benefits of cross-listing. These sources include market segmentation, liquidity and the bonding of controlling shareholders to lower expropriation of company resources. The results show that even though the market segmentation and bonding effects are both statistically significant, the economic significance of segmentation is more than double that of bonding. |
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