Valuation effects of international stock exchange listings |
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| Institution: | 1. Nanyang Technological University, CITY, Singapore;2. Finance and Real Estate Department, UTA Box 19449, University of Texas at Arlington, Arlington, TX 76019, USA;1. Previously: CSIRO Oceans and Atmosphere, Ecosciences Precinct, 41 Boggo Road, Dutton Park, QLD 4102, Australia;2. Cathy Dichmont Consulting, 47 Pioneer Rd, Sheldon, Redlands, Australia;3. CSIRO Oceans and Atmosphere, Queensland Bioscience Precinct, 306 Carmody Road, St Lucia, QLD 4067, Australia;4. CSIRO Oceans and Atmosphere, Castray Esplanade, Hobart TAS 7001, Australia;5. School of Aquatic and Fishery Sciences, University of Washington, Box 355020, Seattle, WA 98195, USA;1. Department of Urology, Johns Hopkins School of Medicine, Baltimore, MD, USA;2. Department of Pathology, Johns Hopkins School of Medicine, Baltimore, MD, USA;3. Department of Urology, UT MD Anderson Cancer Center, Houston, TX, USA;4. Department of Pathology, University of Michigan, Ann Arbor, MI, USA;5. Department of Urology, University of Michigan, Ann Arbor, MI, USA;6. Department of Urology, Northwestern University, Chicago, IL, USA;7. Department of Oncology, Johns Hopkins School of Medicine, Baltimore, MD, USA;1. Department of Linguistics/SFB 632, University of Potsdam, Karl-Liebknecht-Str. 4-25, 14476 Potsdam, Germany;2. Department of Linguistics, Johann Wolfgang Goethe University Frankfurt am Main, Grüneburgplatz 1, 60629 Frankfurt am Main, Germany;3. Research Institute for Linguistics of the Hungarian Academy of Science, Benczúr utca 33, 1068 Budapest, Hungary;4. Department of Theoretical Linguistics, Faculty of Humanities and Social Science, Pázmány Péter Catholic University, Egyetem utca 1, 2087 Piliscsaba, Hungary;1. Department of Foreign Languages and Literatures, Mailstop #556 Bate 3324, East Carolina University, Greenville, NC 27858, USA;2. Psychology Department, 501 College Ave, M253, Wheaton College, Wheaton, IL 60187, USA;3. Department of Education, Campus Box 1183, One Brookings Drive, St. Louis, MO 63130, USA;1. Olayan School of Business, American University of Beirut, Beirut, Lebanon;2. Durham University Business School, Durham University, Durham, United Kingdom |
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| Abstract: | A comprehensive data set consisting of 346 U.S. firm stock listings on ten different stock exchanges is examined in order to determine the valuation consequences of listing on a foreign stock exchange. For the sample of U.S. firms listing abroad, abnormal returns in U.S. trading were: (1) positive around the date of acceptance on the foreign exchange; (2) negative on the first trading day; and (3) negative in the post-listing period for firms listing on the Tokyo and Basel exchanges. Tests for the equality of stock return variances between event periods and market model estimation periods failed to reveal a definitive impact. |
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