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dc.contributor.authorMelvin, Michaelen_US
dc.contributor.authorValero, Magalien_US
dc.date.accessioned2008-02-07en_US
dc.date.accessioned2009-07-28T08:29:11Z-
dc.date.available2009-07-28T08:29:11Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/26218-
dc.description.abstractWe analyze the stock price impact of firms’ U.S. cross-listing on home-market rival firms. Using an empirical event study approach we find negative cumulative average abnormal returns for the rival firms. The evidence suggests that the dominant effect is that investors see rivals as at a relative disadvantage to the listing firm. As firms cross-list in the US and commit to the increased disclosure and investor protection associated with the US listing, they are better able to take advantage of growth opportunities relative to their non cross-listing counterparts, and this results in negative spillover effects on rival firms.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2174en_US
dc.subject.jelG15en_US
dc.subject.ddc330en_US
dc.subject.keywordcross-listingsen_US
dc.subject.keywordrival firmsen_US
dc.subject.keywordgrowth opportunitiesen_US
dc.subject.stwBörsennotierungen_US
dc.subject.stwInternationalen_US
dc.subject.stwSpillover-Effekten_US
dc.subject.stwInternationaler Wettbewerben_US
dc.subject.stwEvent Studyen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleThe dark side of international cross-listing: effects on rival firms at homeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn557987997en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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