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Cross-listing Premium in the US and the UK Destination

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  • Marcelo Bianconi
  • Liang Tan

Abstract

This paper tests the main hypothesis that firms that cross-list have higher valuations, and provides on the valuation effect of cross-listing on a major non-US market, the UK compared to the US market from source countries in the Asia-Pacific region in 2003-2004. We find evidence that there is a cross-listing premium in both markets. However, the evidence on whethr the premium is significantly different in the two countries is mixed. Using univariate, OLS and random effects methods, we find some evidence that the premium in the US is higher, but using a treatment effect methodology we find that the differecne is not robust. that offers new techniques and data sources.

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File URL: http://ase.tufts.edu/econ/research/documents/2009/bianconiCrossListingUSandUK.pdf
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Bibliographic Info

Paper provided by Department of Economics, Tufts University in its series Discussion Papers Series, Department of Economics, Tufts University with number 0737.

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Date of creation: 2009
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Handle: RePEc:tuf:tuftec:0737

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Cited by:
  1. Roger Su & Ronghua Yi & Keith Hooper & Amitabh Dutta, 2013. "Information Spillover, Profit Opportunities, and Return Deviations Analysis: The Case of Cross-Listed BHP Billiton," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 12(2), pages 155-170, December.
  2. Salaber, Julie, 2013. "Religion and returns in Europe," European Journal of Political Economy, Elsevier, vol. 32(C), pages 149-160.
  3. Bae, Sung C. & Chang, Kiyoung & Kim, Doseong, 2013. "Determinants of target selection and acquirer returns: Evidence from cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 552-565.
  4. Tay, Nicholas S.P. & Oladi, Reza, 2011. "Listings from the emerging economies: An opportunity for reputable stock exchanges," International Review of Economics & Finance, Elsevier, vol. 20(3), pages 388-394, June.

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