haku: @indexterm EVENT STUDIES / yhteensä: 51
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| Tekijä: | Melvin, M. Valero, M. |
| Otsikko: | The dark side of international cross-listing: Effects on rival firms at home |
| Lehti: | European Financial Management
2009 : JAN, VOL. 15:1, p. 66-91 |
| Asiasana: | event studies stocks prices companies competition growth USA international |
| Vapaa asiasana: | cross-listing |
| Kieli: | eng |
| Tiivistelmä: | This paper analyses the stock price impact of firms' U.S. cross-listing (hereafter as: c-l.) on home-market rival firms (here as: r-fs). Using an empirical event study approach, there is found negative cumulative average abnormal returns for the r-fs. around both the c-l. and announcement of listing dates. Both positive and negative spillover effects are suggested on r-fs., with the dominant effect being of investors seeing rivals at a relative disadvantage to the c-l. firm. As firms cross-list in the U.S. and commit to the increased disclosure and investor protection associated with the U.S. listing, they can better take advantage of growth opportunities relative to their non-c-l. counterparts. This results in negative spillover effects on r-fs. These results are consistent with the idea that firms cross-list as a means to reduce agency costs of controlling shareholders etc. |
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