In this article I show that both aspects of financial development, namely, liberalisation and deepening, and fi nancial internationalisation proxied using crosslistings in the US creates value for emerging market fi rms. Financial deepening, or more precisely, stock market deepening enhances value. In contrast, bank sector deepening only serves to reduce value because it is associated with large-scale corporate expansion and a fall in market capitalisation. Like others, I document a cross-listing premium for Level 2/3 cross-listings in the US. The cross-listing premium is typically less than the gains from fi nancial liberalisation, but they are similar in magnitude over the period examined.