Competitive and Information Effects of Cross‐Border Stock ListingsJournal of Financial Research
AbstractWe examine the effect of 269 cross-border listings on rivals in the listing and domestic markets and find that U.S. rivals experience significant gains whereas domestic rivals do not. Both competitive and information effects are important in explaining the reaction of U.S. rivals. Regarding the competitive effects, the reaction of rivals is less favorable when listings originate in developed countries and more favorable when listing firms do not have prior operating presence in the United States. Regarding the information effects, the reaction is less favorable when listings are combined with equity offerings and more favorable when the listing is the first to occur within an industry.
Published CitationWhyte, Ann Marie, Bruce M. Bradford, and Anna D. Martin. "Competitive and Information Effects of Cross‐Border Stock Listings." Journal of Financial Research. 25(3): 399-413
Citation InformationBruce M Bradford, Anna D. Martin and Ann Marie Whyte. "Competitive and Information Effects of Cross‐Border Stock Listings" Journal of Financial Research Vol. 25 Iss. 3 (2002)
Available at: http://works.bepress.com/bruce_bradford/5/