Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/60906 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorCetorelli, Nicolaen
dc.contributor.authorPeristiani, Stavrosen
dc.date.accessioned2010-12-07-
dc.date.accessioned2012-08-17T14:36:32Z-
dc.date.available2012-08-17T14:36:32Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/60906-
dc.description.abstractThis 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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x474en
dc.subject.jelG15en
dc.subject.jelG20en
dc.subject.ddc330en
dc.subject.keywordCross-listingsen
dc.subject.keywordnetwork analysisen
dc.titleFirm value and cross-listings: The impact of stock market prestige-
dc.typeWorking Paperen
dc.identifier.ppn641197578en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
286.96 kB





Publikationen in EconStor sind urheberrechtlich geschützt.