The long-run effect of cross-listing on firms: evidence from China

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aut.embargoNoen_NZ
aut.thirdpc.containsNoen_NZ
aut.thirdpc.permissionNoen_NZ
aut.thirdpc.removedNoen_NZ
dc.contributor.advisorChen, Jun
dc.contributor.advisorTourani-Rad, Alireza
dc.contributor.authorFan, Zhang
dc.date.accessioned2014-07-14T22:21:10Z
dc.date.available2014-07-14T22:21:10Z
dc.date.copyright2014
dc.date.created2014
dc.date.issued2014
dc.date.updated2014-07-14T13:54:42Z
dc.description.abstractThis study investigates the long-run stock market and operating performance of Chinese firms cross-listed on the Hong Kong stock exchange over the period of 1993-2012. First, this study finds abnormal returns of cross-listing stocks have generally been negative and decreased in three years after cross-listing for the full sample-period. However, in the most recent sub-period samples, abnormal returns have been positive. The result indicates post-cross-listing abnormal returns could be time-dependent. Second, profitability of cross-listed firms also decreases and does not outperform their purely domestic-listed peers in three years after cross-listing in the full sample-period. Nevertheless, in the most recent sub-period samples, the dynamic changes in operating performance show that cross-listed firms have also performed better than their purely domestic-listed peers. The results seem to suggest that post-cross-listing performance of Chinese firms could be subject to the structural improvement of the Chinese financial market.en_NZ
dc.identifier.urihttps://hdl.handle.net/10292/7432
dc.language.isoenen_NZ
dc.publisherAuckland University of Technology
dc.rights.accessrightsOpenAccess
dc.subjectCross-listingen_NZ
dc.subjectChinese stock marketen_NZ
dc.subjectHong Kong stock marketen_NZ
dc.subjectMarket performanceen_NZ
dc.subjectOperating performanceen_NZ
dc.titleThe long-run effect of cross-listing on firms: evidence from Chinaen_NZ
dc.typeDissertation
thesis.degree.discipline
thesis.degree.grantorAuckland University of Technology
thesis.degree.levelMasters Dissertations
thesis.degree.nameMaster of Businessen_NZ
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