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Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12
O'Connor, Thomas
Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, I show that Level 2/3 cross-listing firms that were previously non-investable enjoy the largest "cross-listing premia". Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced "recognition" explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver the largest cross-listing premia. For previously investable firms, bonding alone is sufficient to generate cross-listing premia.
Keyword(s): Economics, Finance & Accounting; Cross-listing; investor recognition; legal bonding; emerging markets; Tobin’s q; Working Paper N226-12
Publication Date:
2012
Type: Report
Peer-Reviewed: No
Institution: Maynooth University
Citation(s): O'Connor, Thomas (2012) Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12. Working Paper. National University of Ireland Maynooth. (Unpublished)
Publisher(s): National University of Ireland Maynooth
File Format(s): application/pdf
Related Link(s): http://mural.maynoothuniversity.ie/3803/1/N226-12.pdf
First Indexed: 2020-01-31 06:25:47 Last Updated: 2020-04-02 07:25:43