Starjournal Quotation Halling, Michael, Pagano, Marco, Randl, Otto, Zechner, Josef. 2008. Where is the market? Evidence from cross-listings in the United States. Review of Financial Studies. 21 (2), 725-761.




We analyze the location of stock trading for firms with a U.S. cross-listing. The fraction of trading that occurs in the U.S. tends to be larger for companies from countries that are geographically close to the U.S. and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the U.S. is larger if the company is small, volatile and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation. JEL classification: G15, G30. Keywords: cross-listing, trading volume, trade creation.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Review of Financial Studies
Citation Index SSCI
WU Journalrating 2009 A+
Starjournal Y
Language English
Title Where is the market? Evidence from cross-listings in the United States
Volume 21
Number 2
Year 2008
Page from 725
Page to 761
Reviewed? Y
Open Access N


Randl, Otto (Details)
Zechner, Josef (Details)
Halling, Michael (University of Utah, United States/USA)
Pagano, Marco (University of Naples Federico II., Italy)
Institute for Finance, Banking and Insurance IN (Details)
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