The long- and short-run financial impacts of cross listing on Australian firms

Ng, Yen Hou, Yong, Hue Hwa Au and Faff, Robert (2012) The long- and short-run financial impacts of cross listing on Australian firms. Australian Journal of Management, 38 1: 81-98. doi:10.1177/0312896212437622


Author Ng, Yen Hou
Yong, Hue Hwa Au
Faff, Robert
Title The long- and short-run financial impacts of cross listing on Australian firms
Journal name Australian Journal of Management   Check publisher's open access policy
ISSN 0312-8962
1327-2020
Publication date 2012
Sub-type Article (original research)
DOI 10.1177/0312896212437622
Volume 38
Issue 1
Start page 81
End page 98
Total pages 18
Place of publication London, United Kingdom
Publisher Sage Publications
Collection year 2013
Language eng
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.
Keyword Australian firms
Cross listing
Financial performance
Internationalisation
Rivals
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Published online before print April 13, 2012

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2013 Collection
UQ Business School Publications
 
Versions
Version Filter Type
Citation counts: TR Web of Science Citation Count  Cited 2 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 4 times in Scopus Article | Citations
Google Scholar Search Google Scholar
Created: Thu, 08 Nov 2012, 15:02:59 EST by Karen Morgan on behalf of UQ Business School