International Cross-Listing and Visibility
研究发现，在纽交所或伦交所交叉上市的跨国公司，其分析师覆盖和媒体关注度显著提升，且分析师关注增加与上市后权益资本成本下降相关，符合Merton的投资者认知假说。
This study shows that international firms listing their shares on the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE) experience a significant increase in visibility, as proxied by analyst coverage and print media attention (The Wall Street Journal or Financial Times). The increase in analyst following is also associated with a decrease in the cost of equity capital after the listing event in a way consistent with Merton's (1987) investor recognition hypothesis. Our results are stronger for NYSE listing firms than for LSE listing firms. This may partially compensate firms for the higher costs associated with NYSE listing (compared to LSE listing).