Are there permanent valuation gains to overseas listing?

• 成果类型: Article
• 署名作者: Sarkissian, Sergei; Schill, Michael J.
• 署名单位: University of Virginia; McGill University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhn003
• 发表日期: 2009
• 页码: 371
• 关键词: INTERNATIONAL CROSS-LISTINGS; long-run performance; corporate governance; MARKET-SEGMENTATION; UNITED-STATES; HOME BIAS; equity; IMPACT; stocks; DECISION

摘要

This paper tests whether foreign equity listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a global sample of 1,676 listings placed in 25 countries, we find that much of the valuation gains to overseas listings are not permanent. The transitory nature of valuation gains holds for both average US listings and average first-time firm listings. We find little evidence of a permanent effect on returns for firms that list abroad, even for firms' listings in markets that are more liquid, provide better legal protection, or have a larger shareholder base.