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Wednesday, June 08, 2011 10:49:15 AM
http://en.wikipedia.org/wiki/Cross_listing
A questionnaire asking managers of international companies has
shown that firms cross-list in the US mainly because of specific
US business reasons (for instance US acquisitions, US business
expansion and publicity), liquidity and status of US capital
markets, and industry specific reasons (listing of competitors,
benefits of financial analysts).
...[There is] vast academic literature on the impact of
cross-listings on the value of the cross-listed firms. Most
studies (for example, Miller, 1999[4]) find that a cross-listing
on a US stock market by a non-US firm is associated with a
significantly positive stock price reaction in the home market.
This finding suggests that the stock market expects the cross-
listing to have a positive impact on firm value. Doidge,
Karolyi, and Stulz (2004) [5] show that companies with a cross-
listing in the U.S. have a higher valuation than non-cross-
listed corporations,...
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