and firm value, especially for firms in countries with low investor protection. - Significant higher index number (better - Indexing the degree of minority minority investor protection) in common law investor protection against countries compared to French civil law Djankov et 72 firms (72 countries) for - Questionnaires with controlling shareholders countries; al. (2008) the year 2003 - Regression - Relation between index number - Countries with higher index numbers have and financial market development better developed financial markets (measured by 5 different indictors). Figure 4: Summarizing table empirical research second listing Authors Object of study Sample Methodology Outcome - Number and value of equity issuing increased after cross-listing regardless the level of investor protection; - Firms listed in countries with low investor protection are more likely to issue after a 2,038 firms between cross-listing and those companies issued Reese and Relation investor protection, January 1985 and June larger volumes; Weisbach in the USA and issuing 1999, cross-listed on Regression - Firms with a home listing in a country with (2002) shares NYSE, Nasdaq, OTC or weak investor protection are more likely to PORTAL issue shares in their home country or somewhere else after cross-listing in the USA, while firms with a home listing in a country with strong investor protection are more likely to issue shares in the USA after cross-listing in the USA.
and firm value, especially for firms in countries with low investor protection. Djankov et al. (2008) - Indexing the degree of minority investor protection against with controlling shareholders - Relation between index number and financial market development 72 firms (72 countries) for the year 2003 - Questionnaires - Regression - Significant higher index number (better minority investor protection) in common law countries compared to French civil law countries; - Countries with higher index numbers have better developed financial markets (measured by 5 different indictors). Figure 4: Summarizing table empirical research second listing Authors Object of study Sample Methodology Outcome Reese and Weisbach (2002) Relation investor protection, in the USA and issuing shares 2,038 firms between January 1985 and June 1999, cross-listed on NYSE, Nasdaq, OTC or PORTAL Regression - Number and value of equity issuing increased after cross-listing regardless the level of investor protection; - Firms listed in countries with low investor protection are more likely to issue after a cross-listing and those companies issued larger volumes; - Firms with a home listing in a country with weak investor protection are more likely to issue shares in their home country or somewhere else after cross-listing in the USA, while firms with a home listing in a country with strong investor protection are more likely to issue shares in the USA after cross-listing in the USA.