What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions

Marco Pagano, Röell, Ailsa, Josef Zechner and Otto Randl

No 2683, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Despite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the US. We relate the cross-listing decisions to the characteristics of the destination exchanges (and countries) relative to those of the home exchange (and country). European companies appear more likely to cross-list in more liquid and larger markets, and in markets where several companies from their industry are already cross-listed. They are also more likely to cross-list in countries with better investor protection, and more efficient courts and bureaucracy, but not with more stringent accounting standards.

Keywords: Cross-listings; Going public; Initial public offerings; Geography; Stock market competition (search for similar items in EconPapers)
JEL-codes: F23 F36 G15 G30 G39 (search for similar items in EconPapers)
Date: 2001-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (85)

Downloads: (external link)
https://cepr.org/publications/DP2683 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Journal Article: What makes stock exchanges succeed? Evidence from cross-listing decisions (2001)
Working Paper: What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:2683

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP2683

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().