Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Tong, Wilson (AF) | en_US |
| dc.contributor.advisor | Jiang, Li (AF) | en_US |
| dc.creator | Su, Yang | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/10787 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Determinants of firms’ decision on cross listing as common stock, ADR or GDR | en_US |
| dcterms.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. | en_US |
| dcterms.extent | 72 pages | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2020 | en_US |
| dcterms.educationalLevel | D.Mgt. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Stock exchanges | en_US |
| dcterms.LCSH | Stocks -- Prices | en_US |
| dcterms.LCSH | Corporations -- Valuation | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
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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