|Title:||Determinants of firms’ decision on cross listing as common stock, ADR or GDR|
|Advisors:||Tong, Wilson (AF)|
Jiang, Li (AF)
Stocks -- Prices
Corporations -- Valuation
Hong Kong Polytechnic University -- Dissertations
|Department:||Faculty of Business|
|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|
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