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The impact of the regional cross-listing of stocks on firm value in sub-Saharan Africa

The impact of the regional cross-listing of stocks on firm value in sub-Saharan Africa by Olatundun Janet Adelegan
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This paper examines the impact of regional cross-listing on stock prices. The sample consists of sub- Saharan African firms that have cross-listed during the period 1992-2008. Using event study methodology, the study finds positive abnormal returns around the date of the regional cross-listing of stocks. The positive announcement period effect, together with the normal post cross-listing performance, shows that regional cross-listing increases firm value. Overall, this provides evidence that firms benefit from listing outside their home market and need to be taken into consideration by SSA country authorities as they seek a regional approach to stock market development. Thus, policy makers of both the countries of primary listing (home country) and secondary listing (host country) need the right policy handles to conceptualize, facilitate and steer regional cross-listing efforts by firms. Through complementary policy-based efforts, policy makers can set the stage for regional cross-listings and harness the numerous related benefits.
International Monetary Fund; May 2009
26 pages; ISBN 9781452746036
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Title: The impact of the regional cross-listing of stocks on firm value in sub-Saharan Africa
Author: Olatundun Janet Adelegan
 
ISBNs
1451997329
9781451872460
9781451997323
9781452746036