The value of information in cross-listing

► We use a unique dataset of London-listed and SEAQ-I involuntarily traded firms. ► We distinguish between alternative sources of cross-listing valuation benefits. ► We find limited empirical support for market segmentation and liquidity hypotheses. ► However, we find significant empirical support for information-related hypotheses. ► A firm's home market price volatility analysis corroborates our results.