Do multiple foreign listings create value for firms?

In this paper, we study whether firms benefit from listing in multiple foreign markets. Employing a global sample of multiple-listed firms, we compare Tobin's q for firms cross-listed in one versus two or more markets. Our univariate analysis does not find a cross-listing premium; however, firms that are from/cross-list in certain markets do receive higher valuations. A multivariate analysis shows a multiple-listing effect that is robust to controlling for firm and country-level characteristics as well as self-selection bias. Furthermore, we find strong support for the market segmentation and bonding hypotheses, and weak support for the liquidity hypothesis.