firm value and cross listings: the impact of stock market prestige
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2015
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Abstract
This study investigates the valuation impact of a firm’s decision to cross list on a more (or less) prestigious stock exchange relative to its own domestic market. We use a network analysis methodology to derive broad market-based measures of prestige for 45 country or regional stock exchange destinations between 1990 and 2006. We find that firms cross listing in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. In contrast, firms cross listing in less prestigious markets experience a significant valuation discount over this post-listing period. The reputation of the cross-border listing destinations is therefore a useful signal of firm value going forward. Our findings are consistent with the view that cross listing in a prestigious market enhances firm visibility, strengthens corporate governance, and lowers informational frictions and capital costs.
| Reference Key |
cetorelli2015journalfirm
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|---|---|
| Authors | ;Nicola Cetorelli;Stavros Peristiani |
| Journal | Resuscitation |
| Year | 2015 |
| DOI |
10.3390/jrfm8010150
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| URL | |
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