Cross-Listing Waves

Sergei Sarkissian and Michael J. Schill

Journal of Financial and Quantitative Analysis, 2016, vol. 51, issue 1, 259-306

Abstract: Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity-model implications and economic-synergy arguments of cross-listing decisions, cross-listing waves in a given host country coincide with the outperformance of the host and proximate home countries’ economies and financial markets. The valuation gains from listings associated with cross-listing waves are transitory, supporting the market-timing component in these decisions. Our results provide novel evidence of nonmonotonic market development across countries and over time.

Date: 2016
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Working Paper: Cross listing waves (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jfinqa:v:51:y:2016:i:01:p:259-306_00

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