The impact of cross-listing in the Greek market

Abstract

I examine the impact of cross-listing on the valuation of Greek firms which decide to cross-list in the Frankfurt Stock Exchange, through a series of regressions. As dependent variables I use multiples such as book to market and earnings to price and as independent variables I use measures such as return on equity (ROE), cost of equity, past sales growth, size, industry grouping, and year. Generally, the impact of cross listing may lead to an increase in valuation, depending on the valuation measure that is being considered.