Bancel, Franck; Kalimipalli, Madhu; Mittoo, Usha R. - In: Journal of International Financial Markets, … 19 (2009) 5, pp. 895-923
In this paper, we examine several cross-listing theories employing a sample of over 250 European ADRs representing 19 countries during the 1970-2002 period. We find that, first, though both Levels II and III listings underperform over the 3 years subsequent to the US listing, the determinants of...