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1、Cross-Listing,InvestmentSensitivitytoStockPriceandtheLearningHypothesis†‡ThierryFoucault(HECParis)andLaurentFrésard(UniversityofMaryland)April2012________________________________________________________________________Acknowledgements:WearegratefultoAndrewKaro
2、lyi(theEditor)andtwoanonymousrefereesforveryhelpfulcomments.WealsothankJessCornaggia,ArtDurnev,AndrewEllul,RobHansen,MichaelHalling,GillesHillary,DusanIsakov,MichaelKing,SébastienMichenaud,CarolinaSalva,CharlesTrzcinka,PhilipValta,andseminarparticipantsattheUn
3、iversityofIllinois(Urbana-Champaign),theUniversityofIndiana(Bloomington),theUniversityofMaryland,thestUniversityofFribourg,the21UtahWinterConference,the2011EuropeanWinterFinanceConference,andthe2011ParisSpringCorporateFinanceConferenceforveryhelpfulcomments.We
4、alsothankWenChenandBenMunyanforexcellentresearchassistance.Allremainingerrorsareours.†ThierryFoucault,HECParis,1ruedelaLibération,78351JouyenJosas.Tel:(33)139679569.E.mail:foucault@hec.fr‡LaurentFrésard,RobertH.SmithSchoolofBusiness,UniversityofMaryland,VanMun
5、chingHall,CollegePark,MD20742,Tel:(1)3014059639.E.mail:lfresard@rhsmith.umd.edu1Cross-Listing,InvestmentSensitivitytoStockPriceandtheLearningHypothesisAbstractCross-listedfirmsintheU.S.haveahigherinvestment-to-pricesensitivitythanfirmsthatnevercross-list.Thisd
6、ifferenceisstrong,doesnotexistpriortothecross-listingdate,anddoesnotvanishafterward.Moreover,itdoesnotappeartobeprimarilydrivenbyimprovementsingovernance,disclosure,andaccesstocapitalassociatedwithaU.Scross-listing.Instead,wearguethatacross-listingenhancesmana
7、gers’relianceonstockpricesbecauseitmakesstockpricesmoreinformativetothem.Consistentwiththisexplanation,U.S.cross-listingsthataremorelikelytostrengthentheinformativenessofstockpricesformanagersfeatureahigherinvestment-to-pricesensitivity.21.IntroductionMultiple
8、listingsofstockisawidespreadandenduringphenomenon.Forinstance,GagnonandKarolyi(2010)reportthatabout3,000firmshadtwoormorelistingsin2008,indicatingthatmanagers’appetiteforinternatio
