Cross-Listing Waves
利用57年全球外国上市样本，识别了东道国、母国和行业层面的跨境上市浪潮，发现浪潮常由邻近母国驱动，且与经济和金融市场表现相关，但估值收益是暂时的。
Abstract Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity-model implications and economic-synergy arguments of cross-listing decisions, cross-listing waves in a given host country coincide with the outperformance of the host and proximate home countries’ economies and financial markets. The valuation gains from listings associated with cross-listing waves are transitory, supporting the market-timing component in these decisions. Our results provide novel evidence of nonmonotonic market development across countries and over time.