Purpose: Amid the rising concerns about the unbalanced globalization, there has been a renewed interest in examining the pattern of international trade and investment, especially between emerging and mature economies. In this study, the purpose of this paper is to examine the role of different...

This paper examines the bonding effect of cross-listing before and after the stock market liberalization reforms in China. Consistent with the bonding hypothesis, we find that Chinese firms with foreign listings attain higher valuations than firms without foreign listings. We also find that they...