Research Discussion Paper – RDP 2003-06 The Characteristics and Trading Behaviour of Dual-Listed Companies
June 2003
- Abstract
- Download the Paper 383KB
Contents
- Introduction
- Why Do Companies Choose DLC Structures?
- Examples of Dual-listed Companies and Puzzles in Their Pricing
- Data
- Testing for Excess Comovement
- Testing for Changes in Market Exposures Following Unification of DLCs
- An Event Study of Announcements of DLC Unifications
- Conclusion
- References
We thank Chris Becker for extensive helpful discussions, and Ric Battellino, Jonathan Kearns and Ellis Connolly for comments. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia.