التفاصيل البيبلوغرافية
| العنوان: |
The Geography of Equity Listing: Why Do Companies List Abroad? |
| المؤلفون: |
Pagano, Marco, Röell, Ailsa A., Zechner, Josef |
| المصدر: |
Journal of Finance (Wiley-Blackwell); Dec2002, Vol. 57 Issue 6, p2651-2694, 44p, 11 Charts, 2 Graphs |
| مصطلحات موضوعية: |
CORPORATE finance, LISTING of securities, STOCK exchanges, FINANCIAL leverage, EUROPEAN corporations, AMERICAN corporations, GOING public (Securities), HIGH technology services industries, INVESTMENT analysis, CAPITAL market |
| مستخلص: |
This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986--1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross-list tend to be large and recently privatized firms, and expand their foreign sales after listing abroad. They differ sharply depending on where they cross-list: The U.S. exchanges attract high-tech and export-oriented companies that expand rapidly without significant leveraging. Companies cross-listing within Europe do not grow unusually fast, and increase their leverage after cross-listing. [ABSTRACT FROM AUTHOR] |
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