This paper explains the choice of the cross-listing location with particular emphasis on the level of investor protection provided by the host market. We find that firms with concentrated control, with a higher level of risk and those with more pronounced financing needs cross-list on a market with better investor protection. We also find support for the bonding hypothesis as firms from markets with weak shareholder protection tend to cross-list on markets with significantly higher shareholder protection.
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Volume (Year): 14 (2008) Issue (Month): 3 (June) Pages: 183-199 Download reference. The following formats are available: HTML
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