Thesis: Analysis of the Efficiency and the Future of the Foreign Cross-Listing

• Introduction
  
• I. Theoretical Approach of the Foreign Cross-Listing
  
  • I.1. Preamble
    
  • I.2. Different Methods of Foreign Cross-Listing
    
    • I.2.a. Depositary Receipts (DRs)
      
    • I.2.b. Dual-Listed Companies (DLCs)
      
    • I.2.c. Other Means
      
  • I.3. Reasons Pleading for Foreign Cross-Listing
    
    • I.3.a. Business Motivations
      
    • I.3.b. Corporate Governance Motivations
      
    • I.3.c. Financial Motivations
      
    • I.3.d. Main Impacts of the Foreign Cross-Listing
      
  • I.4. Different Geographical Origins Imply Different Purposes
    
• II. Geography of the Foreign Cross-Listing
  
  • II. 1. Methodology for the Creation of the Sample
    
    • II.1.a. Sources
      
    • II.1.b. Statements and Assumptions Regarding the Analysis
      
  • II.3. Empirical Interpretation of the Results
    
    • II.3.a. Geographic Distribution
      
    • II.3.d. Cultural Similarities
      
• III. Environment and Current Evolutions
  
  • III.1. Decreasing Advantages and Increasing Concerns ?
    
  • 111.2. A Major Tendency Has Emerged
    
  • III.3. A New Deal in the Stock Exchanges Industry
    
  • III.3.a. Mergers between Stock Exchanges
    
  • III.3.b. Strategic Partnerships between Stock Exchanges
    
  • III.3.c. New Actors Are Arriving...
    
• IV. Is the Foreign Cross-Listing Efficient ?
  
  • IV.1. Empirical Determination of the Efficiency
    
  • IV.2. Liquidity Analysis
    
  • IV.3. Volumes Analysis
    
    • IV.3.a. Analysis of the Efficiency
      
    • IV.3.b. Current Tendency: the "Fading Listing"
      
  • IV.4. Future of the Foreign Cross-Listing
    
  • IV.5. ArcelorMittal Case Study
    
• V. Conclusion
  
• Bibliography
  
  • Appendix 2: Articles