The long-run effect of cross-listing on firms : evidence from China : a dissertation submitted to Auckland University of Technology in partial fulfilment of the requirements for the degree of Master of Business (MBus), 2014 / John Fan Zhang.
This 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 cro...
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| Format: | Ethesis |
| Language: | English |
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| Online Access: | Click here to access this resource online |
| Summary: | This 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. Author supplied keywords: Cross-listing; Chinese stock market; Hong Kong stock market; Market performance; Operating performance. |
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| Physical Description: | 1 online resource Also held in print (vii, 86 pages : illustrations ; 30 cm) in off-campus storage, box 144. |
| Bibliography: | Includes bibliographical references. |