The geography of equity listing:: Why do companies list abroad?

• 成果类型: Article
• 署名作者: Pagano, M; Röell, AA; Zechner, J
• 署名单位: University of Salerno; Centre for Economic Policy Research - UK; Princeton University; University of Vienna
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00509
• 发表日期: 2002
• 页码: 2651-2694
• 关键词: earnings management; MARKET-SEGMENTATION; Ownership structure; asset prices; DECISION; performance; disclosure; CHOICE

摘要

This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986-1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross-list tend to be large and recently privatized firms, and expand their foreign sales after listing abroad. They differ sharply depending on where they cross-list: The U.S. exchanges attract high-tech and export-oriented companies that expand rapidly without significant leveraging. Companies cross-listing within Europe do not grow unusually fast, and increase their leverage after cross-listing.