The listing of the securities of a French company on a foreign market and its consequences for the shareholder.

Summary This work focuses on the impact of foreign listing on the cost of capital of the issuing company. We first seek to identify the motivations of issuing companies to apply for a multiple listing of their securities based on a literature review. The results of this study, combined with the theories developed in the literature, allow us to construct a set of consequences that can be expected from multiple listing on the profitability demanded by shareholders. The second part of this paper focuses on the effectiveness of multiple listing as a means of market integration. The first chapter reports several tests of the segmentation between the different world stock markets. The second chapter determines, from numerical simulations, the ability of multiple listing to improve market integration under various segmentation assumptions. Finally, the third chapter is devoted to empirical tests of the consequences of the issuance of an ADR program in the United States on the profitability required by shareholders and on systematic risk. The third part of this paper focuses on the impact of order flow fragmentation on transaction costs and, in particular, on the liquidity of securities, using the example of French securities trading on the SEAQI.