Quotation Roell, Ailsa A., Pagano, Marco, Randl, Otto, Zechner, Josef. 2001. What makes stock exchanges succeed? Evidence from cross-listing decisions. European Economic Review. 45 (4-6), 770-782.




Despite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the U.S. We relate the cross-listing decisions to the characteristics of the destination exchanges (and countries) relative to those of the home exchange (and country). European companies appear more likely to cross-list in more liquid and larger markets, and in markets where several companies from their industry are already cross-listed. They are also more likely to cross-list in countries with better investor protection, and more efficient courts and bureaucracy, but not with more stringent accounting standards.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal European Economic Review
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, VW-A, WH-B
Language English
Title What makes stock exchanges succeed? Evidence from cross-listing decisions
Volume 45
Number 4-6
Year 2001
Page from 770
Page to 782
Reviewed? Y
DOI http://dx.doi.org/10.1016/S0014-2921(01)00132-5
Open Access N


Zechner, Josef (Details)
Pagano, Marco (University of Naples Federico II, Italy)
Randl, Otto (Anaxo Financial Services, Austria)
Roell, Ailsa A. (Princeton University, United States/USA)
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