Sarkissian, Sergei and Schill, Michael (2010): The Nature of the Foreign Listing Premium: A Cross-Country Examination.
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An expanding literature asserts that non-U.S. firms achieve a valuation premium for listing on U.S. equity markets. In this paper we examine the foreign listing premium across a global sample of exchange-listed foreign listings with particular emphasis on the top ten home markets and top ten host markets for foreign listings. We highlight that the documented valuation premium for listing on U.S. exchanges is not unique but common to many home and host markets including U.S. firms that list abroad. The cross-sectional variation in the valuation premium appears to have little association with any unique institutional features of the market; rather the premium is related to variation in pre-listing valuation ratios.
|Item Type:||MPRA Paper|
|Original Title:||The Nature of the Foreign Listing Premium: A Cross-Country Examination|
|English Title:||The Nature of the Foreign Listing Premium: A Cross-Country Examination|
|Keywords:||Cross listings; Firm valuation; Rule of law; Stock exchanges; Tobin’s Q|
|Subjects:||G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
|Depositing User:||Sergei Sarkissian|
|Date Deposited:||05. Feb 2011 15:00|
|Last Modified:||12. Feb 2013 03:55|
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Available Versions of this Item
Why are U.S. firms listed in foreign markets worth more? (deposited 23. Dec 2010 21:25)
- The Nature of the Foreign Listing Premium: A Cross-Country Examination. (deposited 05. Feb 2011 15:00) [Currently Displayed]