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| Tekijä: | Doidge, C. Karolyi, A. Stulz, R.M. |
| Otsikko: | Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time |
| Lehti: | Journal of Financial Economics
2009 : MAR, VOL. 91:3, p. 253-277 |
| Asiasana: | international financial markets competitiveness stock exchanges United Kingdom USA |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the determinants and consequences of cross-listings (hereafter as: cr-lgs.) on the New York (here as: N.Y.) and London (as: L.) stock exchanges (here as: exhgs.) from 1990 to 2005, enabling valuation of the relative benefits (as: rel-bens.) of N.Y. and L. exhgs. listings and to assess whether these rel-bens. have changed over time, possibly due to the Sarbanes-Oxley Act of 2002. Among others, it is found that cr-lgs. have been falling on U.S. exhgs. as well as on the main market in L. which is explained by changes in firm characteristics (as: f-chrs.) instead of by changes in the benefits of cr-lgs. After controlling for f-chars. there is no deficit shown in cr-lgs. counts on U.S. exhgs. related to SOX etc. This paper's evidence is consistent with the theory of an exchange listing in N.Y. having unique governance benefits for foreign firms. |
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