کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
958415 | 929006 | 2012 | 17 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Cross-listing and subsequent delisting in foreign markets Cross-listing and subsequent delisting in foreign markets](/preview/png/958415.png)
Employing a sample of stocks cross-listed and subsequently delisted from foreign markets, we examine the consequences of delisting to investors in terms of price, risk, and liquidity. We also provide a direct comparison between the firm's performance after a foreign cross-listing and after its subsequent delisting. We find a positive cross-listing and negative delisting effect on stock price, both of which dissipate in the long run. No significant changes in the market risk are found for either event. Foreign cross-listing and delisting are associated with increasing and decreasing long term trading volume respectively. Further analysis reveals that firms delist in response to low host market return and low firm trading volume in the host market. The changes in liquidity and market risk from delisting relate those from cross-listing. Finally, our results show that the bonding hypothesis fails to explain the listing premium and the delisting loss.
Journal: Journal of Empirical Finance - Volume 19, Issue 2, March 2012, Pages 200–216