Legal bonding, investor recognition, and cross-listing premia in emerging markets

Thomas O'Connor ()

International Journal of Accounting and Finance, 2014, vol. 4, issue 3, 209-239

Abstract: Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, this paper shows Level 2/3 cross-listing firms that were previously non-investable enjoy the largest 'cross-listing premia'. Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced 'recognition' explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver large cross-listing premia. For previously investable firms, bonding alone is sufficient to deliver cross-listing premia.

Keywords: cross-listing premia; investor recognition; legal bonding; emerging markets; Tobin's q. (search for similar items in EconPapers)
Date: 2014
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Working Paper: Legal bonding, investor recognition, and cross-listing premia in emerging markets (2012)
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