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The Nature of the Foreign Listing Premium: A Cross-Country Examination

Sarkissian, Sergei and Schill, Michael (2010): The Nature of the Foreign Listing Premium: A Cross-Country Examination.

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Abstract

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.

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