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|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.publisher|||aFederal Reserve Bank of New York |cNew York, NY||en_US|
|dc.relation.ispartofseries|||aStaff Report, Federal Reserve Bank of New York |x474||en_US|
|dc.title||Firm value and cross-listings: The impact of stock market prestige||en_US|
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