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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/60906
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Cetorelli, Nicola | | en_US |
| dc.contributor.author | | Peristiani, Stavros | | en_US |
| dc.date.accessioned | | 2010-12-07 | | en_US |
| dc.date.accessioned | | 2012-08-17T14:36:32Z | | - |
| dc.date.available | | 2012-08-17T14:36:32Z | | - |
| dc.date.issued | | 2010 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/60906 | | - |
| dc.description.abstract | | This study investigates the valuation impact of a firm's decision to cross-list on a more (or less) prestigious stock exchange relative to its own domestic market. We use network analysis to derive broad market-based measures of prestige for forty-five country or regional stock exchange destinations between 1990 and 2006. We find that firms crosslisting in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. We also document a reverse effect for firms cross-listing in less prestigious markets: These firms experience a significant decline in valuation over the five years following the listing. The reputation of the cross-border listing destinations is therefore a useful signal of a firm's value going forward. Our findings are consistent with the view that cross-listing in a prestigious market enhances a firm's visibility, strengthens corporate governance, and lowers informational frictions and capital costs. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Federal Reserve Bank of New York New York, NY | | en_US |
| dc.relation.ispartofseries | | Staff Report, Federal Reserve Bank of New York 474 | | en_US |
| dc.subject.jel | | G15 | | en_US |
| dc.subject.jel | | G20 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Cross-listings | | en_US |
| dc.subject.keyword | | network analysis | | en_US |
| dc.title | | Firm value and cross-listings: The impact of stock market prestige | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 641197578 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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