Cross-listing and the alignment between short and long-run performance

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI:10.1016/j.mulfin.2021.100702

Imen Ghadhab

引用次数: 0

Abstract

This paper examines the alignment between initial price reaction and post-cross-listing performance for non-American firms cross-listed in the U.S. Using an event study methodology, we show that, while cross-listed firms exhibit long-term performance, short-term valuation gain is more important. We also find a significant difference between short and long-term price reactions, explained by legal investor protection considerations. Additional analysis shows that the change in the U.S. regulatory environment has no diminishing effect on cross-listing economic benefits. We also show more important short-run price reactions in crisis time, leading to more significant misalignment between short and long-term performance. Our results are robust to several control firm and country characteristics.

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交叉上市和短期和长期业绩之间的对齐

本文考察了在美国交叉上市的非美国公司的初始价格反应与交叉上市后绩效之间的一致性。使用事件研究方法，我们表明，虽然交叉上市公司表现出长期绩效，但短期估值收益更为重要。我们还发现短期和长期价格反应之间存在显著差异，这是由法律投资者保护考虑因素解释的。另外的分析表明，美国监管环境的变化对交叉上市的经济效益并没有减少影响。我们还展示了在危机时期更重要的短期价格反应，导致短期和长期表现之间更显著的不一致。我们的结果对一些控制公司和国家特征具有鲁棒性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.

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