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

Marco Pagano, Otto Randl (), Ailsa A. Röell () and Josef Zechner
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Otto Randl: University of Vienna),
Ailsa A. Röell: Princeton University and CEPR

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

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 U.S. 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: 2000-12-01
New Economics Papers: this item is included in nep-fmk
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (26)

Published in European Economic Review, 2001, vol. 45, pages 770-82

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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 (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:50

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