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Cross-Listing Premium Or Market Timing, Moustafa M. Abu El Fadl
Cross-Listing Premium Or Market Timing, Moustafa M. Abu El Fadl
Theses and Dissertations in Business Administration
Previous research documented that soon after companies cross-list; they achieve significant negative post-listing abnormal returns (the post-listing anomaly). The evidence presented in this study shows that companies cross-list based on either a market-timing consideration or a genuine performance consideration. The host market condition is significant in explaining both the sign and the significance of post-listing abnormal returns. On the one hand, the evidence reveals, companies that cross-list in a host market while that host market is "positive" and achieve a significant negative post-listing abnormal returns, those companies time the market, and the post-listing anomaly is explained in the context of …