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Cross-listing and the alignment between short and long-run performance
Journal of Multinational Financial Management ( IF 4.482 ) Pub Date : 2021-06-22 , DOI: 10.1016/j.mulfin.2021.100702
Imen Ghadhab

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.



中文翻译:

交叉上市和短期和长期业绩的一致性

本文研究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业绩之间的一致性 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业绩,但短期期限估值收益更为重要。我们还发现短期和长期价格反应之间存在显着差异,这是出于保护投资者的合法考虑。进一步分析表明,美国监管环境的变化对交叉上市的经济效益并没有减弱的影响。我们还展示了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着的错位。我们的结果对几个控制公司和国家的特征是稳健的。

更新日期:2021-06-22
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