Dual‐listings on international exchanges: the case of emerging markets’ stocks

Abstract

This paper examines the effects on stock returns of dual‐listing on an international exchange. My sample consists of 70 firms from 10 emerging markets that dual‐listed on the NYSE, NASDAQ and SEAQ‐I (London) over the period 1991–1995. I evaluate whether an international dual‐listing has any significant effect on returns, for the particular case of emerging markets’ firms, and I proceed to investigate whether there is evidence to support an International Asset Pricing based explanation. In addition I compare the impact of US and London SEAQ‐I listings. My results confirm previous empirical findings on international listings: the firms in my sample experience significant positive abnormal returns before listing and a significant decline in returns following listing. Evidence seems to be supportive of the segmentation hypothesis: dual‐listing effects are more pronounced for emerging markets’ listings and that pattern is similar across exchanges. G15

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