Cross-Country Competitive Effects of Cross-Listings
研究了50年间外国公司在美国上市对美国本土竞争企业的影响，发现美国企业对外国公司上市反应强烈负面，而对退市反应微弱正面，这种绩效下降与外国公司获得的竞争优势有关。
Abstract We study competitive effects of foreign listings on U.S. stock exchanges over a 50-year period and show that U.S. rival firms respond strongly negatively (weakly positively) to foreign listings (delistings). The performance decline of U.S. firms is related to the competitive advantages that foreign firms receive from their cross-listings, such as stronger financial benefits, higher growth prospects, and better visibility, rather than market or industry valuation timing or existing market competition. This decline is especially pronounced when cross-listings come from proximate or developed markets. Our findings highlight an important role of international markets in influencing the performance of U.S. firms. Received February 19, 2019; editorial decision September 18, 2019 by Editor Isil Erel. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.