The listing and delisting of German firms on NYSE and NASDAQ: Were there any benefits?

► We investigate the U.S. listing and delisting decisions of German companies. ► Market segmentation and bonding theories suggest positive valuation effects. ► But we find no evidence for cost of capital reductions or increased market values. ► Rule 12h-6 prompted 13 of the 18 cross listed companies to delist from U.S. markets. ► We examine the reasons for delisting and provide a case by case analysis for the firms still listed.