Liquidity minimization and cross-listing choice: Evidence based on Canadian shares cross-listed on U.S. venues |
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| Authors: | Lawrence Kryzanowski Skander Lazrak |
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| Affiliation: | 1. Finance Department, John Molson School of Business, Concordia University, 1455 de Maisonneuve Boulevard West, Montreal, Quebec, Canada H3G 1M8;2. Department of Finance, Operations and Information Systems, Faculty of Business, Brock University, 500 Glenridge Avenue, St. Catherines, Ontario, Canada L2S 3A1;1. Division of Cardiology, Ann & Robert H. Lurie Children’s Hospital of Chicago, Northwestern University Feinberg School of Medicine, Chicago, Illinois;2. Division of Cardiovascular-Thoracic Surgery, Ann & Robert H. Lurie Children’s Hospital of Chicago, Northwestern University Feinberg School of Medicine, Chicago, Illinois;3. Department of Pediatrics and Communicable Diseases, C.S. Mott Children''s Hospital, University of Michigan, Ann Arbor, Michigan;4. Duke Clinical Research Institute, Duke University School of Medicine, Durham, North Carolina;5. Johns Hopkins All Children''s Heart Institute, Saint Petersburg, Tampa, and Orlando, Florida;6. Division of Cardiac Surgery, Department of Surgery, Johns Hopkins University School of Medicine, Baltimore, Maryland; Florida Hospital for Children, Orlando, Florida;1. School of Business and Economics, State University of New York at Plattsburgh, NY, USA;2. Industrial and Systems Engineering Department, Wayne State University, MI, USA;3. Industrial Engineering Department, Islamic Azad University, Masjed Soleyman Branch, Iran;1. College of Materials and Chemical Engineering, Hubei Provincial Collaborative Innovation Center for New Energy Microgrid, Collaborative Innovation Center for Energy Equipment of Three Gorges Region, China Three Gorges University, Yichang 443002, China;2. Three Gorges Center for Product Quality Control, Yichang 443002, China |
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| Abstract: | This paper examines whether a Canadian-listed firm seeking to cross-list in the U.S. needs to consider liquidity differences when making a choice among the main U.S. venues (AMEX, NYSE or NASDAQ). After controlling for firm characteristics, we find that trade costs for Canadian shares cross-listed in the U.S. do not depend on the U.S. cross-listing venue. This suggests that the choice of U.S. listing venue may be better motivated by the desire to minimize listing fees or to increase investor recognition and visibility. |
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