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In this paper, we examine what happens to the global value of trading, turnover and prices of non-U.S. stocks over the twelve-month period surrounding their listing on the New York Stock Exchange. Our sample consists of 128 NYSE-listed non-U.S. stocks. On average, the combined (home plus U.S.) value of trading in the sample stocks changed from $240 million per stock per day prior to the NYSE listing to $340 million after, a 42 percent increase. The home-market value of trading increased 24 percent, from $210 to $260 million, while annual turnover increased from 65 to 90 percent. These results suggest that, on average, listing on the NYSE is not a zero-sum game, but a win-win situation with both the home market and the U.S. market benefitting. In addition, we find that an NYSE listing also benefits the companies being listed: stock prices in the six months after listing are 8 percent higher than prices in the six months immediately prior. In the paper, we also examine the experience of different groups of stocks. While stocks from developed markets, on average, experience a 30 percent increase in the home-market value of trading after listing on the NYSE, stocks from emerging markets experience only a slight increase in home trading. The increase in the combined value of trading after an NYSE listing is more pronounced for Mexican and South American stocks and for Level 3 offerings (new shares released to the public in conjunction with the NYSE listing).本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。