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https://hdl.handle.net/10419/60906
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Cetorelli, Nicola | en |
dc.contributor.author | Peristiani, Stavros | en |
dc.date.accessioned | 2010-12-07 | - |
dc.date.accessioned | 2012-08-17T14:36:32Z | - |
dc.date.available | 2012-08-17T14:36:32Z | - |
dc.date.issued | 2010 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aFederal Reserve Bank of New York |cNew York, NY | en |
dc.relation.ispartofseries | |aStaff Report |x474 | en |
dc.subject.jel | G15 | en |
dc.subject.jel | G20 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Cross-listings | en |
dc.subject.keyword | network analysis | en |
dc.title | Firm value and cross-listings: The impact of stock market prestige | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 641197578 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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