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Cross-listing in the home market after going public in the U.S

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  • Yaseen Alhaj-Yaseen

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    Abstract

    This study analyzes the impact of cross-listing on the abnormal returns of a unique sample of 34 Israeli stocks that went public in the U.S. and then cross-listed in their home market, Tel Aviv Stock Exchange (TASE). The behavior of abnormal returns around cross-listing date implies that cross-listing in TASE is an effective mechanism in reducing market segmentation between the U.S. and the Israeli capital markets. Risk assessment following cross-listing suggests a decline in the risk exposure, which further supports a higher degree of integration between the two markets due to cross-listing. Copyright Springer Science+Business Media, LLC 2013

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    File URL: http://hdl.handle.net/10.1007/s12197-011-9183-x
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Economics and Finance.

    Volume (Year): 37 (2013)
    Issue (Month): 2 (April)
    Pages: 274-292

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    Handle: RePEc:spr:jecfin:v:37:y:2013:i:2:p:274-292

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    Related research

    Keywords: Cross-Listing; Going Public; Initial Public Offering; Segmentation; Event Studies; G14; G15; G20; G34;

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