We investigate whether cross listing shares in the form of depositary receipts in overseas markets benefits investors in emerging market countries. To test our hypotheses we analyze the differential stock price responses of cross-listed (CL) and non cross-listed (NCL) firms to financial crises...

We investigate whether cross-listing shares in the form of depositary receipts in overseas markets benefits investors in emerging market countries during periods of local financial crisis from 1994 to 2002. We regress cumulative abnormal returns for three windows surrounding the crisis events on...