Impact of international cross-listings on Nordic companies’ valuation
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School of Business |
Bachelor's thesis
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Authors
Date
2021
Department
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Degree programme
Rahoitus
Language
en
Pages
25 + 2
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Abstract
I research the effects of international cross-listings on valuations of Nordic companies. Prior research is largely defending international cross-listing as a value adding corporate decision. Thus, my hypotheses are constructed under the assumption that cross-listings lead to higher valuations. I found no statistically significant indication of cross-listings having positive effects on valuations of cross-listed companies. Companies that will later cross-list, are more valuable than peers already at the IPO stage when being listed on one domestic stock exchange. The same group of companies is still more valuable than peers after they cross-list on a foreign stock exchange. Companies listed on a Nordic exchange are subject to the abnormal quality level of governance factors and relatively active equity markets, which contribute to them not having the same benefits from cross-listing as companies from other regions may experience.Description
Thesis advisor
Kokkonen, JoniKeywords
cross-listing, initial public offering, valuation, Nordic