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An Empirical Study of Multiple Listings

  • Leyuan You and Brian Lucey

This study examines the multiple listing phenomena by studying the characteristics of the hosting and listing countries and listing firms of the multiple-listed stocks. We document the loss of preeminence of the US as a preferred hosting country, this role now being taken by the EU. We find that generally larger firms with higher returns and enhanced growth prospects tend to list in multiple markets. They grow larger and received higher overvaluations from investors with each additional foreign listing. A positive listing premium is found but it diminishes as the listing order goes up and increases as the listing dates become more recent. Listing premiums of different orders relate to different country characteristics. We find no evidence to support the bonding hypothesis.

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp273.

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Date of creation: 12 Dec 2008
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Handle: RePEc:iis:dispap:iiisdp273
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  15. Ugur Lel & Darius P. Miller, 2008. "International Cross-Listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis," Journal of Finance, American Finance Association, vol. 63(4), pages 1897-1937, 08.
  16. Siegel, Jordan, 2005. "Can foreign firms bond themselves effectively by renting U.S. securities laws?," Journal of Financial Economics, Elsevier, vol. 75(2), pages 319-359, February.
  17. Rene M. Stulz & Rohan Williamson, 2001. "Culture, Openness, and Finance," NBER Working Papers 8222, National Bureau of Economic Research, Inc.
  18. Sergei Sarkissian, 2004. "The Overseas Listing Decision: New Evidence of Proximity Preference," Review of Financial Studies, Society for Financial Studies, vol. 17(3), pages 769-809.
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  20. Mittoo, Usha R., 2003. "Globalization and the value of US listing: Revisiting Canadian evidence," Journal of Banking & Finance, Elsevier, vol. 27(9), pages 1629-1661, September.
  21. Burns, Natasha & Francis, Bill B. & Hasan, Iftekhar, 2007. "Cross-listing and legal bonding: Evidence from mergers and acquisitions," Journal of Banking & Finance, Elsevier, vol. 31(4), pages 1003-1031, April.
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  25. Ayyagari, Meghana, 2004. "Does cross-listing lead to functional convergence? Empirical evidence," Policy Research Working Paper Series 3264, The World Bank.
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