The purpose of this paper is to investigate the impact of cross-listing on companies' performance. It is divided into two aspects, one in short-term and the other in long-term. In short-run study, 6 companies cross-listing in NYSE and Chinese market are in the sample. In pre-cross-listing period, the abnormal returns are mostly positive and remain stable; the cumulative abnormal returns are close to 0 and the difference among them is very small; but on the cross-listing day, all the companies' abnormal returns decline, and after that day, the abnormal returns still fluctuate around 0 while most of them are negative, and the difference among each company's cumulative abnormal return become large. In long-run study, by using multiple regression of 99 Chinese companies listed in th U.S. markets form 2007 to 2012, there is a significant positive relationship between total asset turnover and cross-listing at 5% significance level and there is a significantly negative relation between market value and cross-listing at 10%significance level; return on equity and return on asset are both positive with cross-llisting, but not significant.
| Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:hj-21753 |
| Date | January 2013 |
| Creators | Jing, Chu |
| Source Sets | DiVA Archive at Upsalla University |
| Language | English |
| Detected Language | English |
| Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess |
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