sentences:  These findings suggest that cross-listings on Anglo-Saxon exchanges create more value than on other exchanges.They also highlight the incomplete understanding of why firms cross-list outside the UK and the United States, as many of the arguments discussed above (enhanced liquidity, improved disclosure, and bonding) do not apply.In this respect, Sarkissian and Schill (2014) show that cross-listing activity in a given host country coincides with the outperformance of host and proximate home country's economies and financial markets, thus, highlighting the market timing component in cross-listing decisions.