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Does cross listing in the U.S. really enhance the value of emerging market firms?

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 (Unpublished)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
Additional Information: Part of the Department of Economics Working paper Series N184/12/07
Keywords: Cross listing; corporate valuation; emerging markets;
Subjects: Social Sciences > Economics
Item ID: 828
Depositing User: Ms Sandra Doherty
Date Deposited: 12 Dec 2007
Publisher: National University of Ireland Maynooth
Refereed: No
URI:

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