• HARSHITA GUPTA

The study examines the impact of international cross listing on shareholders’ wealth. The dataset consists of 146 instances of first international cross listing by Indian companies during the period 1997-2019. Using event study methodology, the study finds negative abnormal returns around the date of announcement of cross listing. The study also examines various determinants of value creation and results show negative relation of financial leverage and business freedom with abnormal returns. Overall, this provides evidence that shareholders wealth does not increase when Indian companies tap international stock exchanges for raising finance.

Cross listing; Global depository receipts; American depository receipts; Cumulative average abnormal returns

"CROSS LISTING AND VALUE CREATION: AN EMPIRICAL STUDY IN INDIAN CONTEXT", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.1048-1054, June-2019, Available :http://www.jetir.org/papers/JETIR1907U26.pdf

"CROSS LISTING AND VALUE CREATION: AN EMPIRICAL STUDY IN INDIAN CONTEXT", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp1048-1054, June-2019, Available at : http://www.jetir.org/papers/JETIR1907U26.pdf