The Geography of Equity Listing: Why Do Companies List Abroad?
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. Copyright The American Finance Association 2002.
Year of publication: |
2002
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Authors: | Pagano, Marco ; Röell, Ailsa A. ; Zechner, Josef |
Published in: |
Journal of Finance. - American Finance Association - AFA, ISSN 1540-6261. - Vol. 57.2002, 6, p. 2651-2694
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Publisher: |
American Finance Association - AFA |
Saved in:
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