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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26218
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| Title: | | The dark side of international cross-listing: effects on rival firms at home  |
| Authors: | | Melvin, Michael Valero, Magali |
| Issue Date: | | 2007 |
| Series/Report no.: | | CESifo working paper 2174 |
| Abstract: | | We 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. |
| Subjects: | | cross-listings rival firms growth opportunities |
| JEL: | | G15 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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