This paper tests whether foreign equity exchange listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a sample of 1256 listings placed in 24 countries, we find that much of the valuations gains to overseas...

We study competitive effects of foreign listings on U.S. stock exchanges over a 50-year period and show that U.S. rival firms respond strongly negatively (weakly positively) to foreign listings (delistings). The performance decline of U.S. firms is related to the competitive advantages that...

We study how listing in multiple markets affects the dynamics between firms' credit default swap (CDS) and stock returns. We find that cross-listing increases (i) the sensitivity of CDS to stock returns; (ii) the integration of CDS with world equity and bond markets; and (iii) the statistical...