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RFS Advance Access published online on October 15, 2003
Review of Financial Studies, doi:10.1093/rfs/hhg048
Review of Financial Studies © The Society for Financial Studies 2003; all rights reserved
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© 2003 The Society for Financial Studies

Original Articles

The Overseas Listing Decision: New Evidence of Proximity Preference

Sergei Sarkissian 1 and Michael J. Schill 2*
1 McGill University
2 University of Virginia

* To whom correspondence should be addressed. E-mail: schillm{at}darden.virginia.edu.


  Abstract

Using a cross-section of effectively the entire universe of overseas listings across world markets, we examine the market preferences of firms listing their stock abroad. We find that market proximity and other familiarity factors play the dominant role in the choice of overseas listing venue. Contrary to the notion that firms seek to maximize international portfolio diversification gains in listing abroad, cross-listing activity is more common across markets for which diversification gains are relatively low. Our findings imply that the same familiarity constraints that are believed to lead to "home bias" in investment portfolio decisions also exert a profound influence on financing decisions.


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