Are cross-listed shipping companies trading differently than single-listed ones?

Abstract

The primary purpose of this dissertation is to cover a gap within existing research on how cross-listing affects maritime companies, and what the benefits and consequences may be. By illuminating this, we can bring valuable information to the different investors and stakeholders already invested- and those interested in the maritime industry. Our sample consists of 15 companies, whereas 5 of which is cross-listed and 10 is single-listed. The companies are listed on 5 different stock exchanges: New York Stock Exchange, Nasdaq, Oslo Stock Exchange, Brussels Stock Exchange and Johannesburg Stock Exchange. Through the use of econometrics and by analyzing quantitative data, we have found some significant factors that affect both cross-listed and single-listed shipping firms. Our findings have among other things enlightened this earlier “minimally examined” research area and shed new light on how cross-listing specifically impacts shipping companies. Our research has among other things shown that indices such as the Baltic Clean Tanker Index and economic indicators such as the spot price for brent crude oil have a significant impact on the stocks in our sample.