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Competitive and Information Effects of Cross‐Border Stock Listings

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  • Bruce M. Bradford
  • Anna D. Martin
  • Ann Marie Whyte

Abstract

We examine the effect of 269 cross‐border listings on rivals in the listing and domestic markets and find that U.S. rivals experience significant gains whereas domestic rivals do not. Both competitive and information effects are important in explaining the reaction of U.S. rivals. Regarding the competitive effects, the reaction of rivals is less favorable when listings originate in developed countries and more favorable when listing firms do not have prior operating presence in the United States. Regarding the information effects, the reaction is less favorable when listings are combined with equity offerings and more favorable when the listing is the first to occur within an industry.

Suggested Citation

  • Bruce M. Bradford & Anna D. Martin & Ann Marie Whyte, 2002. "Competitive and Information Effects of Cross‐Border Stock Listings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 25(3), pages 399-413, September.
    • Handle: RePEc:bla:jfnres:v:25:y:2002:i:3:p:399-413
    DOI: 10.1111/1475-6803.00026
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    Cited by:

    1. Michael Melvin & Magali Valero, 2009. "The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home," European Financial Management, European Financial Management Association, vol. 15(1), pages 66-91, January.
    2. Yen Hou Ng & Hue Hwa Au Yong & Robert Faff, 2013. "The long- and short-run financial impacts of cross listing on Australian firms," Australian Journal of Management, Australian School of Business, vol. 38(1), pages 81-98, April.

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