Dan Segal - Latest
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The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation
The authors show that the widening of a foreign firm's U.S. investor base and the improved information environment associated with cross-listing on a U.S. exchange each have a separately identifiable effect on a firm's valuation. -
International Cross-Listing and the Bonding Hypothesis
The authors describe a new view of cross-listing that links the impact on firm valuation to the firm's ability to develop an active secondary market for its shares in the U.S. markets. -
Valuation of Canadian- vs. U.S.-Listed Equity: Is There a Discount?
The authors examine how the valuation multiples assigned to the equity of Canadian-listed firms compare with the equity of comparable firms listed in the United States. They find that Canadian-listed firms trade at a discount to U.S.-listed firms across a range of valuation measures.