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

By:

Ng, Yen Hou [author]

Contributor(s):

Material type: Text

TextSeries: Australian journal of management ; Volume 38, number 1Los Angeles : Sage, 2013Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

03128962

Subject(s):

Australian firms -- Cross listing -- Financial performance

LOC classification:

HD31 AUS

Online resources:

Click here to access online

Abstract: 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.

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Holdings
Item type	Current library	Call number	Vol info	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HD31 AUS (Browse shelf(Opens below))	Vol. 38, no. 1 (pages 81-98)	Not for loan	For in house use only

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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.

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