کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5092897 | 1376090 | 2013 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The global recognition strategy of blue chips of the Russian and Commonwealth of Independent States (CIS) markets
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار، مدیریت و حسابداری (عمومی)
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چکیده انگلیسی
This study examines the mechanisms through which companies domiciled within the Commonwealth of Independent States (CIS) overcome market segmentation barriers which are the legacy of the Soviet Union. In contrast to a conventional cross-listing mechanism, leading CIS firms pursue reverse cross-listing or single-listing strategies, selecting the London Stock Exchange (LSE) as their main or only capital-raising platform. This study documents short-term IPO underperformance for single-LSE and dual-listed firms, suggesting that listing in London is risky, and that firms should consider alternative capital-raising strategies. Recent national regulatory reforms, which are expected to both improve capital market conditions and to encourage firms to list domestically, present CIS firms with such an opportunity. Finally, this study shows that CIS blue chips outperform the UK market in the long-run. This effect is more pronounced for dual-listed firms that also outperform the Russian market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Contemporary Accounting & Economics - Volume 9, Issue 2, December 2013, Pages 151-169
Journal: Journal of Contemporary Accounting & Economics - Volume 9, Issue 2, December 2013, Pages 151-169
نویسندگان
Oksana Kim,