Surveys of corporate managers that have pursued overseas listings for their respective firms conducted by Mittoo (1992a,b), Fanto and Karmel (1997), and Bancel and Mittoo (2001) typically list the increased liquidity in the new trading environment as a primary motivation for their decision. There has been extensive empirical evidence of important changes in liquidity for firms around their cross-listings; some studies have even shown an association between changes in liquidity and positive revaluations around that time.