| Author: | Su, Yang |
| Title: | Determinants of firms’ decision on cross listing as common stock, ADR or GDR |
| Advisors: | Tong, Wilson (AF) Jiang, Li (AF) |
| Degree: | D.Mgt. |
| Year: | 2020 |
| Subject: | Stock exchanges Stocks -- Prices Corporations -- Valuation Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | 72 pages |
| Language: | English |
| Abstract: | In this thesis, I examine the determinants influencing firms' cross-listing decisions. My study covers a sample of worldwide companies which were cross-listed as common stocks, ADR or GDR in the US and UK stock exchanges. By comparing the different ways of cross-listing, namely, common stocks versus depository receipts as well as ADR versus GDR, I find the following factors that significantly influence the firms' cross-listing decisions: home-host country time difference, capital account openness and restrictions on short selling in the firms' home country. My result reflects the trade-off between the benefits and constraints in different ways of cross-listing. In addition, I examine the short-term effect of different types of depository receipt listing on the underlying stock and their long-term effect on the company. The listing of Level II & III ADR has a significant positive impact on the underlying stock's price in the short term. Also, the value of firm and sales growth increases significantly in three years after the firms cross-listed as Level II & III ADR. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 5221.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 630.57 kB | Adobe PDF | View/Open |
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