Cross-listing effect of U.S. casino companies: Risk-adjusted performances |
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Authors: | Yoon Koh Seoki Lee |
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Affiliation: | 1. School of Tourism and Hospitality Management, Temple University, United States;2. School of Tourism and Hospitality Management, Temple University, 1810 N. 13th St., Speakman Hall Room 314, Philadelphia, PA 19122, United States |
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Abstract: | Globalization and market liberalization have resulted in more firms being listed on foreign stock exchanges. Even though cross-listing is an important corporate financial decision, research in this area for the hospitality discipline has been limited. The current study investigates issues of international cross-listing from the perspective of diversification. The findings from examination of five risk-adjusted measurements—Jensen's Alpha, Treynor Index, Sharpe Ratio, Sortino Ratio, and Upside Potential Ratio—for U.S. casino companies show that cross-listing improves U.S. casinos’ performances in terms of Jensen's Alpha and Sharpe Ratio, but not in terms of the other three measures. |
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Keywords: | Cross-listing Risk-adjusted returns U.S. casinos |
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