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Three Essays On Cross-Listings From Emerging Markets, Omar Alejandro Esqueda

Theses and Dissertations - UTB/UTPA

During the last two decades, the number of cross-listed firms has been rising steadily. Recently, exchange-traded cross-listings from emerging markets have outnumbered those from developed countries. Chapter I shows an introduction to cross-listings. Chapter II analyzes the implications of ownership structure on the cross-listing premium of emerging-market firms that cross-list on U.S exchanges. Insider ownership is an important determinant of the value of cross-listed firms. The spike and fall in excess-value around the cross-listing year described in the extant cross-listing literature is substantially higher if the firm has insider ownership. In fact, investors are worse-off in the long-run when they …