{"id":69,"date":"2007-04-30T18:18:39","date_gmt":"2007-04-30T17:18:39","guid":{"rendered":"http:\/\/kranenburgesq.com\/blog\/2007\/04\/london-new-york-cross-listings-a-study\/"},"modified":"2007-04-30T21:08:10","modified_gmt":"2007-04-30T20:08:10","slug":"london-new-york-cross-listings-a-study","status":"publish","type":"post","link":"https:\/\/kranenburgesq.com\/blog\/2007\/04\/london-new-york-cross-listings-a-study\/","title":{"rendered":"London &#8211; New York cross-listings, a study"},"content":{"rendered":"<p align=\"left\">Today&#8217;s <a title=\"Maybe U.S. Markets Are Still Supreme - Study Finds No Proof That Sarbanes-Oxley Tarnishes the Allure\" target=\"_blank\" href=\"http:\/\/online.wsj.com\/article\/SB117762254495883942.html\">Wall Street Journal<\/a> (subscription required) refers to a study, published earlier this month, on cross-listings on the New York and London stock exchanges. The name of the paper (not mentioned in the article) is <em>Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time<\/em>.<\/p>\n<p align=\"left\">From the paper&#8217;s <a title=\"Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time (April 2007)\" target=\"_blank\" href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=982193\">abstract<\/a>:<\/p>\n<blockquote><p>We find that cross-listings have been falling on U.S. exchanges as well as on the Main Market in London. This decline in cross-listings is explained by changes in firm characteristics rather than by changes in the benefits of cross-listings. [&#8230;] Our evidence is consistent with the theory that an exchange listing in New York has unique governance benefits for foreign firms. These benefits have not been seriously eroded by SOX and cannot be replicated through a London listing.<\/p><\/blockquote>\n<p align=\"left\">Previous research papers by the three authors &#8211; Craig Doidge, G. Andrew Karolyi and Ren\u00c3\u00a9 M. Stulz, all professors and according to the article &#8216;authorities on foreign-company listing decisions&#8217; &#8211; include <em>Why Do Countries Matter so Much for Corporate Governance?<\/em> (<a title=\"Why Do Countries Matter so Much for Corporate Governance? (November 2006)\" target=\"_blank\" href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=580883\">abstract<\/a>) and <em>Why are foreign firms listed in the U.S. worth more?<\/em> (<a title=\"Why are foreign firms listed in the U.S. worth more? (Revised, January 2003)\" target=\"_blank\" href=\"http:\/\/jfe.rochester.edu\/02367.pdf\">paper<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today&#8217;s Wall Street Journal (subscription required) refers to a study, published earlier this month, on cross-listings on the New York and London stock exchanges. The name of the paper (not mentioned in the article) is Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time. From the paper&#8217;s abstract: We [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-69","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/69","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/comments?post=69"}],"version-history":[{"count":0,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/69\/revisions"}],"wp:attachment":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/media?parent=69"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/categories?post=69"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/tags?post=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}