| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13079 |
| 来源ID | Working Paper 13079 |
| Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time | |
| Craig Doidge; G. Andrew Karolyi; Rene M. Stulz | |
| 发表日期 | 2007-05-09 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act of Congress (SOX) in 2002. We find that cross-listings have been falling on U.S. exchanges as well as on the Main Market in London. This decline in cross-listings is explained by changes in firm characteristics rather than by changes in the benefits of cross-listings. We show that, after controlling for firm characteristics, there is no deficit in cross-listing counts on U.S. exchanges related to SOX. Investigating the cross-listing premium from 1990 to 2005, we find that there is a significant premium for U.S. exchange listings every year, that the premium has not fallen significantly in recent years, that it persists even when allowing for unobservable firm characteristics, and that there is a permanent premium in event time. In contrast, there is no premium for London listings for any year. Cross-listing in the U.S. leads firms to increase their capital-raising activity at home and abroad while a London listing has no such impact. Our evidence is consistent with the theory that an exchange listing in New York has unique governance benefits for foreign firms. These benefits have not been seriously eroded by SOX and cannot be replicated through a London listing. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w13079 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570747 |
| 推荐引用方式 GB/T 7714 | Craig Doidge,G. Andrew Karolyi,Rene M. Stulz. Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13079.pdf（394KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
