Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12


O'Connor, Thomas (2012) Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12. Working Paper. National University of Ireland Maynooth. (Unpublished)

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Abstract

Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, I show that Level 2/3 cross-listing firms that were previously non-investable enjoy the largest "cross-listing premia". Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced "recognition" explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver the largest cross-listing premia. For previously investable firms, bonding alone is sufficient to generate cross-listing premia.

Item Type: Monograph (Working Paper)
Keywords: Cross-listing; investor recognition; legal bonding; emerging markets; Tobin’s q; Working Paper N226-12;
Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
Item ID: 3803
Identification Number: N226-12
Depositing User: Ms Sandra Doherty
Date Deposited: 14 Aug 2012 15:37
Publisher: National University of Ireland Maynooth
URI:

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