IPOs
Stock exchanges today are virtual entities that compete globally for new business. Multinationals have in recent decades taken an interest in cross-listing on multiple exchanges, as to do so improves the ability to raise capital and to allow more investors access to their companies. A company like mining giant Rio Tinto, for example, is listed in its native Australia, but is also cross-listed in London and on the NYSE. There are other benefits as well, such as greater liquidity, or in some cases seeking a more knowledgeable investor base (PWC, 2014). It has been shown that the determinants of long-term performance are different for cross-listed firms with IPO and those that cross-listed after their IPO, illustrating the value of starting with a cross-listing from the outset (Bancel, Kalimipalli & Mittoo, 2009).
Cross-listing should in theory provide a lower cost of capital, especially when cross-listing from a smaller country to a larger one, lower agency costs, and better growth opportunities (Pett, 2013). The results should be that cross-listed firms will enjoy better long-run performance. That in part explains why there has been an uptick in cross-listing, including cross-listing at the IPO.
The unique aspect of the cross-listing IPO is the...
They include the Investment Corporation, company employees, and institutional investors. Apart from a handful of firms, the articles provide inadequate or incomplete information in their prospectuses. I can acquire essential data for purposes of my estimation in my research. The magnitude of under-pricing is estimated at different levels in the secondary markets. For all the articles, the degree of under-pricing appears to be high than the degree of average pricing
A logical starting point for analysis however, is the unremarkable yet important espy that cross-listing entities are existing firms or new ventures seeking capital. New companies attracting capital often view cross-listing as a crucial way to increase global visibility and provide financial stability. "IPOs that go public abroad are an important source of new capital for firms. From 1995 to 2007, 6% of all IPOs go public outside their
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