Cross-listing effect of U.S. casino companies: Risk-adjusted performances

Yoon Koh; Seoki Lee

doi:10.1016/j.ijhm.2011.03.003

Cross-listing effect of U.S. casino companies: Risk-adjusted performances

Yoon Koh, Seoki Lee

School of Hospitality Management

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

Globalization and market liberalization have resulted in more firms being listed on foreign stock exchanges. Even though cross-listing is an important corporate financial decision, research in this area for the hospitality discipline has been limited. The current study investigates issues of international cross-listing from the perspective of diversification. The findings from examination of five risk-adjusted measurements-Jensen's Alpha, Treynor Index, Sharpe Ratio, Sortino Ratio, and Upside Potential Ratio-for U.S. casino companies show that cross-listing improves U.S. casinos' performances in terms of Jensen's Alpha and Sharpe Ratio, but not in terms of the other three measures.

Original language	English (US)
Pages (from-to)	1055-1058
Number of pages	4
Journal	International Journal of Hospitality Management
Volume	30
Issue number	4
DOIs	https://doi.org/10.1016/j.ijhm.2011.03.003
State	Published - Dec 1 2011

All Science Journal Classification (ASJC) codes

Tourism, Leisure and Hospitality Management
Strategy and Management

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10.1016/j.ijhm.2011.03.003

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abstract = "Globalization and market liberalization have resulted in more firms being listed on foreign stock exchanges. Even though cross-listing is an important corporate financial decision, research in this area for the hospitality discipline has been limited. The current study investigates issues of international cross-listing from the perspective of diversification. The findings from examination of five risk-adjusted measurements-Jensen's Alpha, Treynor Index, Sharpe Ratio, Sortino Ratio, and Upside Potential Ratio-for U.S. casino companies show that cross-listing improves U.S. casinos' performances in terms of Jensen's Alpha and Sharpe Ratio, but not in terms of the other three measures.",

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Cross-listing effect of U.S. casino companies: Risk-adjusted performances

Abstract

All Science Journal Classification (ASJC) codes

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