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.
All Science Journal Classification (ASJC) codes
- Tourism, Leisure and Hospitality Management
- Strategy and Management