The long-and short-run financial impacts of cross listing on Australian firms

被引：3

作者：

Ng, Yen Hou ^{[1
]}

Yong, Hue Hwa Au ^{[1
]}

Faff, Robert ^{[2
]}

机构：

[1] Monash Univ, Dept Accounting & Finance, Clayton, Vic 3800, Australia

[2] Univ Queensland, UQ Business Sch, St Lucia, Qld 4072, Australia

来源：

AUSTRALIAN JOURNAL OF MANAGEMENT | 2013年 / 38卷 / 01期

关键词：

Australian firms; cross listing; financial performance; internalisation; rivals; INVESTOR RECOGNITION; MARKET-SEGMENTATION; ASSET PRICES; GLOBALIZATION; MIGRATION; EVENT;

D O I：

10.1177/0312896212437622

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the short-run and long-run performance of Australian cross-listed firms relative to their industry rivals. The role of share trading liquidity and firm visibility in explaining abnormal returns is also investigated. In the short run, an abnormal return of 1.91% for cross-listed firms is found at announcement, while no significant abnormal returns is found for rivals on the event day. For the long-run analysis, only rival firms (especially for rivals of the non-market leaders) experience significant abnormal returns, which are negative. Cross listing into NEW ZEALAND and other countries induces a more negative impact on rivals than the UK. Lastly, liquidity is found to be a determinant of the short-and long-run abnormal returns.

引用

页码：81 / 98

页数：18

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