We examine whether managers of cross-listed firms improve corporate investment efficiency through learning from the stock market upon cross-listing. Using a sample of UK firms cross-listed on US regulated and unregulated stock markets, we find that cross-listed firms on unregulated markets...

Using a modified international asset-pricing model we find strong evidence that publicly quoted firms cross-list when exhibit strong performance in their domestic market and wish to take advantage of this situation, after cross-listing this advantage disappears. Our sample consists of daily data...