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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 (Unpublished)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 |
| 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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