The long- and short-run financial impacts of cross listing on Australian firms/
Ng, Yen Hou
The long- and short-run financial impacts of cross listing on Australian firms/ created by Yen Hou Ng, Hue Hwa Au Yong and Robert Faff - Australian journal of management Volume 38, number 1 .
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.
03128962
Australian firms--Financial performance--Cross listing
HD31 AUS
The long- and short-run financial impacts of cross listing on Australian firms/ created by Yen Hou Ng, Hue Hwa Au Yong and Robert Faff - Australian journal of management Volume 38, number 1 .
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.
03128962
Australian firms--Financial performance--Cross listing
HD31 AUS