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The Impact of the Regional Cross-Listing of Stocks on Firm Value in Sub-Saharan Africa, Olatundun Janet Adelegan

This paper examines the impact of regional cross-listing on stock prices. The sample consists of sub- Saharan African firms that have cross-listed during the period 1992-2008. Using event study methodology, the study finds positive abnormal returns around the date of the regional cross-listing of stocks. The positive announcement period effect, together with the normal post cross-listing performance, shows that regional cross-listing increases firm value. Overall, this provides evidence that firms benefit from listing outside their home market and need to be taken into consideration by SSA country authorities as they seek a regional approach to stock market development. Thus, policy makers of both the countries of primary listing (home country) and secondary listing (host country) need the right policy handles to conceptualize, facilitate and steer regional cross-listing efforts by firms. Through complementary policy-based efforts, policy makers can set the stage for regional cross-listings and harness the numerous related benefits
Table Of Contents
Contents; I. Introduction; Tables; 1. Regional Cross-Listings of Stocks; II. Regional Cross-Listing in Sub-Saharan Africa; 2. Sub-Saharan Africa: Details of the Regional Cross-listings of Stocks, 1992-2009; 3. Average and Cumulative Abnormal Returns around Regional Cross-listing of Stocks; III. Literature Review; IV. Methodology and Data; A. Methodology; B. Data; V. Stock Price Response to Regional Cross-Listing of Stocks; 4. Average and Cumulative Abnormal Returns around Regional Cross-listing of Stocks; Figure
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (28 p.)
Specific Material Designation
Form Of Item

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