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

Yoon Koh, Seoki Lee

Research output: Contribution to journalArticle

1 Citation (Scopus)

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 languageEnglish (US)
Pages (from-to)1055-1058
Number of pages4
JournalInternational Journal of Hospitality Management
Volume30
Issue number4
DOIs
StatePublished - Dec 1 2011

Fingerprint

liberalization
globalization
market
effect
firm
index
decision
Sharpe ratio
Risk-adjusted performance
Cross-listing
Casino
Globalization
Hospitality
Financial decisions
Diversification
Market liberalization
International cross-listing
Stock exchange

All Science Journal Classification (ASJC) codes

  • Tourism, Leisure and Hospitality Management
  • Strategy and Management

Cite this

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Cross-listing effect of U.S. casino companies : Risk-adjusted performances. / Koh, Yoon; Lee, Seoki.

In: International Journal of Hospitality Management, Vol. 30, No. 4, 01.12.2011, p. 1055-1058.

Research output: Contribution to journalArticle

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