Legal bonding, investor recognition, and cross-listing premia in emerging markets
by Thomas O'Connor
International Journal of Accounting and Finance (IJAF), Vol. 4, No. 3, 2014

Abstract: Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, this paper shows Level 2/3 cross-listing firms that were previously non-investable enjoy the largest 'cross-listing premia'. Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced 'recognition' explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver large cross-listing premia. For previously investable firms, bonding alone is sufficient to deliver cross-listing premia.

Online publication date: Sat, 21-Jun-2014

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