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Dual Domestic Listing, Market Structure and Shareholder Wealth

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  • Khan, Walayet A, et al

Abstract

This paper examines the impact of dual domestic listing of common stocks on shareholder wealth. The sample contains 137 AMEX- and NYSE-listed companies that dually listed their common stocks on the Pacific and Midwest Stock Exchanges between 1984 and 1988. Because the sample stocks do not have unlisted trading privileges, dual listing changes the market structure in which the stocks trade. Changes in market structure may affect stock returns through the liquidity services provided by the competing markets and through the possible nonhomogeneous clientele across markets. Using standard event methodology to examine stock market behavior around dual listing shows that the net effect of dual listing on returns is negative. Such negative returns suggest that corporate managers have reasons for dual domestic listing other than increasing shareholder wealth. Coauthors are H. Kent Baker, Robert E. Kennedy, and Larry G. Perry. Copyright 1993 by MIT Press.

Suggested Citation

  • Khan, Walayet A, et al, 1993. "Dual Domestic Listing, Market Structure and Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 28(3), pages 371-383, August.
    • Handle: RePEc:bla:finrev:v:28:y:1993:i:3:p:371-83
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    Cited by:

    1. Ramiah, Vikash & Cheng, Ka Yeung & Orriols, Julien & Naughton, Tony & Hallahan, Terrence, 2011. "Contrarian investment strategies work better for dually-traded stocks: Evidence from Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 140-156, January.
    2. Taija Baba & Nobuyoshi Yamori, 1999. "Japanese management views on overseas exchange listings: survey results," Pacific Basin Working Paper Series 99-05, Federal Reserve Bank of San Francisco.
    3. McConnell, John J. & Dybevik, Heidi J. & Haushalter, David & Lie, Erik, 1996. "A survey of evidence on domestic and international stock exchange listings with implications for markets and managers," Pacific-Basin Finance Journal, Elsevier, vol. 4(4), pages 347-376, December.
    4. Shmuel Hauser & Yael Tanchuma & Uzi Yaari, 1998. "International Transfer Of Pricing Information Between Dually Listed Stocks," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 139-157, June.

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