The Geography of Equity Listing: Why Do Companies List Abroad?
分析了1986-1997年间欧洲公司在美国和欧洲内部上市的趋势，发现赴美上市的公司多为高科技、出口导向型企业，上市后快速扩张但杠杆率不高；而在欧洲内部上市的公司增长较慢，杠杆率上升。
This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986–1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross‐list tend to be large and recently privatized firms, and expand their foreign sales after listing abroad. They differ sharply depending on where they cross‐list: The U.S. exchanges attract high‐tech and export‐oriented companies that expand rapidly without significant leveraging. Companies cross‐listing within Europe do not grow unusually fast, and increase their leverage after cross‐listing.