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...

The understanding of competitive advantages is one of the majortheoretical questions in strategy research. It is known that strategic resources generate competitive advantage and that the disclosure of strategic information in a transparent way, mainly of resources, values the organization for...