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International FinanceA Survey$
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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Cross-Listing Behavior

Cross-Listing Behavior

Chapter:
(p.248) 12 Cross-Listing Behavior
Source:
International Finance
Author(s):

THOMAS O’CONNOR

KATE PHYLAKTIS

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0012

This chapter provides a summary of international cross-listing behavior. It discusses the internal and external factors that prompt firms to cross-list in the first instance, where to cross-list, and, for some, instances in which to cross-delist. The chapter also examines the behavior of firms once they cross-list. Other topics discussed include raising capital and investment behavior, the behavior of controlling insiders once firms cross-list, and the effect of cross-listing behavior on firm value. The general conclusions suggest that internal factors predominantly explain cross-listing and delisting behavior. Large firms with sizable growth opportunities tend to cross-list. When these growth opportunities disappear, firms often cross-delist. Proximity predominantly dictates where firms cross-list. Firms typically list in countries that are geographically, culturally, and economically close to their own. The behavior of controlling insiders is altered once firms cross-list as a result of legal and market-wide forces. Firm value generally increases initially as a result of cross-listing, but general disagreement exists about the durability of these valuation gains.

Keywords:   international cross-listings, cross-delistings, valuation, bonding, capital raising

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