search query: @author Zechner, J. / total: 16
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| Author: | Pagano, M. Röell, A. A. Zechner, J. |
| Title: | The geography of equity listing: why do companies list abroad? |
| Journal: | Journal of Finance
2002 : DEC, VOL. 57:6, p. 2651-2694 |
| Index terms: | Stock markets Equity capital Stock market listing |
| Language: | eng |
| Abstract: | The paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986-1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross-list tend to be large and recently privatized firms, and extend their foreign sales after listing abroad. They differ sharply depending on where they cross-list: The U.S. exchanges attract high-tech and export-oriented companies that extend rapidly without significant leveraging. Companies cross-listing within Europe do not grow unusually fast, and increase their leverage after cross-listing. |
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