The Library
The long-term effects of cross-listing, investor recognition, and ownership structure on valuation
Tools
King, Michael R. and Segal, Dan (2008) The long-term effects of cross-listing, investor recognition, and ownership structure on valuation. Review of Financial Studies, 22 (6). pp. 2393-2421. doi:10.1093/rfs/hhn050 ISSN 0893-9454.
Research output not available from this repository.
Request-a-Copy directly from author or use local Library Get it For Me service.
Official URL: http://dx.doi.org/10.1093/rfs/hhn050
Abstract
We show that investor recognition and bonding associated with a U.S. cross-listing are distinct effects using a sample of Canadian firms. In contrast to the post-listing decline documented in the literature, we find that cross-listed firms with a single class of shares enjoy a permanent increase in valuation if they attract and maintain investor recognition over time. Valuations of firms that fail to widen their U.S. shareholder base return to pre-listing levels within two years. Cross-listed firms with dual-class shares exhibit a permanent increase in valuation regardless of the level of U.S. investor holdings, consistent with firm-level bonding.
Item Type: | Journal Article | ||||||
---|---|---|---|---|---|---|---|
Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
||||||
Journal or Publication Title: | Review of Financial Studies | ||||||
Publisher: | Oxford University Press | ||||||
ISSN: | 0893-9454 | ||||||
Official Date: | June 2008 | ||||||
Dates: |
|
||||||
Volume: | 22 | ||||||
Number: | 6 | ||||||
Page Range: | pp. 2393-2421 | ||||||
DOI: | 10.1093/rfs/hhn050 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |