O'Connor, Thomas (2012) Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12. Working Paper. National University of Ireland Maynooth. (Unpublished)

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Abstract

Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, I show that Level 2/3 cross-listing firms that were previously non-investable enjoy the largest "cross-listing premia". Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced "recognition" explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver the largest cross-listing premia. For previously investable firms, bonding alone is sufficient to generate cross-listing premia.

Item Type:	Monograph (Working Paper)
Keywords:	Cross-listing; investor recognition; legal bonding; emerging markets; Tobin’s q; Working Paper N226-12;
Academic Unit:	Faculty of Social Sciences > Economics, Finance and Accounting
Item ID:	3803
Identification Number:	N226-12
Depositing User:	Ms Sandra Doherty
Date Deposited:	14 Aug 2012 15:37
Publisher:	National University of Ireland Maynooth
URI:
Use Licence:	This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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