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dc.contributor.authorMelvin, Michaelen
dc.contributor.authorValero, Magalien
dc.date.accessioned2008-02-07-
dc.date.accessioned2009-07-28T08:29:11Z-
dc.date.available2009-07-28T08:29:11Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2174en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordcross-listingsen
dc.subject.keywordrival firmsen
dc.subject.keywordgrowth opportunitiesen
dc.subject.stwBörsennotierungen
dc.subject.stwInternationalen
dc.subject.stwSpillover-Effekten
dc.subject.stwInternationaler Wettbewerben
dc.subject.stwEvent Studyen
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleThe dark side of international cross-listing: effects on rival firms at home-
dc.typeWorking Paperen
dc.identifier.ppn557987997en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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