O'Connor, Thomas G. (2007) Does cross listing in the U.S. really enhance the value of emerging market firms? National University of Ireland Maynooth. (Unpublished)
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Abstract
In this paper, I study the valuation effects of cross listing in the U.S. for a panel of emerging market firms over the period from 1990 to 2003. In line with Kristian-Hope et al. (2007), I find that only those firms from high disclosure regimes gain from Level 2/3 listing in the U.S. The gains are not immediate, but materialize once the firm has listed in the U.S. for at least five years. I also document long-term, but not immediate valuation gains for Level 1 over-the-counter issues. In contrast to Level 2/3 issues, the gains are concentrated amongst firms from low-disclosure regimes. I find no positive valuation effects for Rule 144a private placements. The results suggest that the decision on the part of the majority of firms from low-disclosure regimes not to list as exchange traded depositary receipts is warranted.
Item Type: | Other |
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Additional Information: | Part of the Department of Economics Working paper Series N184/12/07 |
Keywords: | Cross listing; corporate valuation; emerging markets; |
Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
Item ID: | 828 |
Depositing User: | Ms Sandra Doherty |
Date Deposited: | 12 Dec 2007 |
Publisher: | National University of Ireland Maynooth |
Refereed: | No |
Related URLs: | |
URI: | https://mural.maynoothuniversity.ie/id/eprint/828 |
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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