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Long-run Performance Following Cross-Listing: A Re-examination

We analyze the long-run performance of the population of Canadian firms that cross-list in the US between 1990 and 2005, paying particular attention to cross-delisting companies. We ask why, since numerous firms cross-list to get the advantages associated with cross-listing, these firms' long-run performance is purportedly abnormally poor. Using robust empirical methods, we find no evidence of a significant underperformance by Canadian firms after cross-listing. Rather, we find that the previously documented underperformance following cross-listing can be traced to a combination of the choice of method, sample selection, and survival biases.

This is an up-date version of the working paper published on November 2007 under the same reference.

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