Cross-listing and crisis

Imen Ghadhab ()
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Imen Ghadhab: University of Tunis, BESTMOD

Journal of Asset Management, 2021, vol. 22, issue 7, No 2, 539-558

Abstract: Abstract We examine the role of US cross-listing during the global financial crisis of 2007–2009. By adopting a unique matched-pairs approach, we find that cross-listed firms outperform non-cross-listed peers, particularly during and post the crisis. We also find that firms cross-listed on the unregulated OTC market exhibit more positive performance after the crisis than firms cross-listed on the US-regulated exchanges. Therefore, any implication of cross-listing is due essentially to pure cross-listing rather than better foreign information and investor protection environment. We find, however, mixed results regarding the effects of the controlling variables.

Keywords: Cross-listing; Crisis; bonding hypothesis; Firm performance (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1057/s41260-021-00235-z

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