Cross-country competitive effects of cross-listings

Research output: Contribution to journalArticlepeer-review


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.
Original languageEnglish
Pages (from-to)116-164
JournalReview of Corporate Finance Studies
Issue number1
Early online date31 Oct 2019
Publication statusPublished - Mar 2020


  • abnormal returns
  • asset ratio
  • EBIT
  • market share
  • product markets


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