The impact of cross listing on shareholder's return : an empirical study of Canadian mining companies cross listed on the Frankfurt Stock Exchange

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dc.contributor.advisor Boabang, Francis
dc.coverage.spatial Canada
dc.coverage.spatial Germany
dc.creator Chukwunyere, Ndubuisi Austin
dc.date.accessioned 2013-09-06T17:46:39Z
dc.date.available 2013-09-06T17:46:39Z
dc.date.issued 2013
dc.identifier.uri http://library2.smu.ca/xmlui/handle/01/25130
dc.description 1 online resource (43 p.) : ill.
dc.description Includes abstract and appendices.
dc.description Includes bibliographical references (p. 35-39).
dc.description.abstract This paper tests the impact of cross-listing on Canadian mining firm’s shareholder’s return. An event study is used to test abnormal return following the announcements of cross-listing event on the Frankfurt stock exchange. Cumulative Abnormal return around the cross-listing date is used as a proxy to test this impact. 31 Canadian firms that are cross-listed on the Frankfurt stock exchange are collected through the period of 1989-2003 for this study. Canadian stocks react negatively to cross-listing on Frankfurt stock exchanges around the cross-listing date, at the 5% significance level. However over a relative long period Cross-listing in the Frankfurt stock exchange showed a less negative market reaction. Both reactions are however not significant. The test results support findings of previous studies that cross-listing provides some sort of benefit especially over time. Therefore, Canadian firms considering cross-listing on the Frankfurt stock exchange as a way to add value for its shareholders’ should consider it despite the Canadian market reaction to this decision. This is because cross-listing provides many other benefits as highlighted in our literature review that on the long run will affect its share-price and thus shareholders return. en_CA
dc.language.iso en en_CA
dc.publisher Halifax, N.S. : Saint Mary's University
dc.title The impact of cross listing on shareholder's return : an empirical study of Canadian mining companies cross listed on the Frankfurt Stock Exchange en_CA
dc.type Text en_CA
thesis.degree.name Master of Finance
thesis.degree.level Masters
thesis.degree.discipline Finance, Information Systems, & Management Science
thesis.degree.grantor Saint Mary's University (Halifax, N.S.)


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