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An Empirical Study of Multiple Listings

Leyuan You and Brian Lucey


This study examines the multiple listing phenomena by studying the characteristics of the hosting and listing countries and listing firms of the multiple-listed stocks. We document the loss of preeminence of the US as a preferred hosting country, this role now being taken by the EU. We find that generally larger firms with higher returns and enhanced growth prospects tend to list in multiple markets. They grow larger and received higher overvaluations from investors with each additional foreign listing. A positive listing premium is found but it diminishes as the listing order goes up and increases as the listing dates become more recent. Listing premiums of different orders relate to different country characteristics. We find no evidence to support the bonding hypothesis.

Last updated 28 August 2014 by IIIS (Email).