| Abstract [eng] |
The main purpose of this work is to evaluate and compare the impact of the cross-listing event on the stock returns for issuers from emerging and frontier markets compared to issuers from developed markets. The work consists of three main parts: analysis of scientific literature, research methodology and its evaluation of research results, conclusions, and recommendations. The literature analysis reviews the concept, fundamental aspects, motives, and significance of cross-listing, as well as the peculiarities of stock returns for companies listed on several markets. It also discusses the methodology of evaluating the stock return after the cross-listing event. Following the literature review, the author conducts a study on stock returns of cross-listed companies, evaluating the home market stocks abnormal returns for issuers from emerging, frontier and developed markets, before, during, and after the initiation of additional listing in foreign markets. Using event study methodology, statistical market model, abnormal stock return evaluation, comparative and regression analysis, it was determined that despite the recorded positive cumulative average abnormal returns in the home markets for the analyzed periods, before, during and after the initiated cross-listing event, among issuers from emerging and frontier markets, the statistical significance of the obtained results were not sufficient to conclude that these positive cumulative abnormal returns were determined by the additional listing event. Meanwhile, the assessment of the abnormal returns in home markets of issuers from developed securities markets indicates that the event of cross-listing had a significant negative impact on home market stock return for a short 41-day period around the listing as during this period, a negative cumulative abnormal stock return determined by the event of additional listing is observed. The conclusions and recommendations summarize the main concepts of literature analysis as well as the results of the performed research. The author believes that the results of the study could provide useful guidelines for individual investors, financial institutions, companies making strategic financial decisions, or seeking to understand the impact of additional listing on home market stock returns. Additionally, the author provides recommendations for conducting further similar studies, allowing for a broader understanding and more comprehensive examination of the cross-listing process and associated research issues. |
