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...

An expanding literature asserts that non-U.S. firms achieve a unique valuation premium for listing on U.S. equity markets. In this paper we test the uniqueness of the U.S. foreign listing premium by examining the premium achieved by foreign listings across a global set of stock exchanges. We...

We study market segmentation effects using data on U.S. railroads that list their bonds in New York and London between 1873 and 1913. This sample provides a unique setting for such analysis because of the precision offered by bond yields in cost of capital estimation, the geography-specific...