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Cross-listing and crisis

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  • Imen Ghadhab

    (University of Tunis, BESTMOD)

Abstract

We examine the role of US cross-listing during the global financial crisis of 2007–2009. By adopting a unique matched-pairs approach, we find that cross-listed firms outperform non-cross-listed peers, particularly during and post the crisis. We also find that firms cross-listed on the unregulated OTC market exhibit more positive performance after the crisis than firms cross-listed on the US-regulated exchanges. Therefore, any implication of cross-listing is due essentially to pure cross-listing rather than better foreign information and investor protection environment. We find, however, mixed results regarding the effects of the controlling variables.

Suggested Citation

  • Imen Ghadhab, 2021. "Cross-listing and crisis," Journal of Asset Management, Palgrave Macmillan, vol. 22(7), pages 539-558, December.
    • Handle: RePEc:pal:assmgt:v:22:y:2021:i:7:d:10.1057_s41260-021-00235-z
    DOI: 10.1057/s41260-021-00235-z
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