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3 edition of Has New York become less competitive in global markets? found in the catalog.

Has New York become less competitive in global markets?

Craig Doidge

Has New York become less competitive in global markets?

evaluating foreign listing choices over time

by Craig Doidge

  • 294 Want to read
  • 34 Currently reading

Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

    Subjects:
  • New York Stock Exchange,
  • Stock Exchange (London, England),
  • Stock exchanges -- Law and legislation

  • About the Edition

    We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act of Congress (SOX) in 2002. 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. We show that, after controlling for firm characteristics, there is no deficit in cross-listing counts on U.S. exchanges related to SOX. Investigating the cross-listing premium from 1990 to 2005, we find that there is a significant premium for U.S. exchange listings every year, that the premium has not fallen significantly in recent years, that it persists even when allowing for unobservable firm characteristics, and that there is a permanent premium in event time. In contrast, there is no premium for London listings for any year. Cross-listing in the U.S. leads firms to increase their capital-raising activity at home and abroad while a London listing has no such impact. 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.

    Edition Notes

    StatementCraig Doidge, G. Andrew Karolyi, Rene M. Stulz.
    SeriesNBER working paper series -- no. 13079., Working paper series (National Bureau of Economic Research) -- working paper no. 13079.
    ContributionsKarolyi, G. Andrew., Stulz, René M., National Bureau of Economic Research.
    The Physical Object
    Pagination65 p. :
    Number of Pages65
    ID Numbers
    Open LibraryOL17633850M
    OCLC/WorldCa137302530

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Has New York become less competitive in global markets? by Craig Doidge Download PDF EPUB FB2

Doidge, Craig and Karolyi, George Andrew and Stulz, Rene M., Has New York Become Less Competitive in Global Markets. Evaluating Foreign Listing Choices over Time (July ). Fisher College of Business Working Paper No.

; ECGI - Finance Working Paper No. /; Charles A. Dice Center Working Paper No. Cited by: has become less competitive. It would just be evidence that all firms that can benefit from a New York listing already have one. For the purpose of our analysis, we regard New York as having become less competitive if it no longer attracts listings it would have attracted Cited by: Has New York Become Less Competitive in Global Markets.

Evaluating Foreign Listing Choices Over Time Craig Doidge, G. Andrew Karolyi, Rene M. Stulz. NBER Working Paper No. Issued in May NBER Program(s):Corporate Finance.

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from Cited by: Get this Has New York become less competitive in global markets?

book a library. Has New York become less competitive in global markets?: evaluating foreign listing choices over time. [Craig Doidge; G Andrew Karolyi; René M Stulz; National Bureau of Economic Research.] -- We study the determinants and consequences of cross-listings on the New York and London stock exchanges from to We study the determinants and consequences of cross-listings on the New York and London stock exchanges from to This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act in Cited by: Citation: Doidge, Craig, G.

Andrew Karolyi, and René M. Stulz. "Has New York become less competitive than London in global markets. Evaluating foreign listing choices over time." Journal of Financial Econom no.

3 (): Cited by: Abstract. We study the determinants and consequences of cross-listings on the New York and London stock exchanges from to This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act of Congress (SOX) in Has New York Become Less Competitive in Global Markets.

Evaluating Foreign Listing Choices Over Time. In this case, this dearth of new listings in New York would not be evidence that New York has become less competitive. It would just imply that all firms that can benefit from a New York Cited by: Abstract.

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from to This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act in 4 But in “Has New York Become Less Competitive in Global Markets.

Evaluating Foreign Listing Choices Over Time” Journal of Financial Economics, Vol Issue 3, Marchpp. –77, Craig Doidge, Andrew Karolyi, and René Stulz find that the decline in delistings is not directly related to Sarbanes-Oxley.

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