Do multiple foreign listings create value for firms?

In this paper, we study whether firms benefit from listing in multiple foreign markets. Employing a global sample of multiple-listed firms, we compare Tobin's q for firms cross-listed in one versus two or more markets. Our univariate analysis does not find a cross-listing premium; however, firms that are from/cross-list in certain markets do receive higher valuations. A multivariate analysis shows a multiple listing effect that is robust to controlling for firm and country-level characteristics as well as self-selection bias. Furthermore, we find strong support for the market segmentation and bonding hypotheses, and weak support for the liquidity hypothesis. (C) 2018 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.