The Globe and Mail reports in its Saturday edition that the performance of the Canadian dollar can make a huge difference in how well cross-listed or dual-listed stocks perform. The Globe's David Milstead writes that with the recent volatility in the dollar, and most large Canadian companies listing their shares in the United States, the phenomenon is more widespread than many Canadian retail investors may realize. Sanjiv Sabherwal, a finance professor at the University of Texas at Arlington, has examined the issue and believes that certain Canadian stocks, those with more trading volume in the United States than in Canada, have their "price discovery" on the U.S. exchange. "If the price discovery is taking place more in the U.S., that means that is the leading exchange, and the TSX exchange is the follower," Mr. Sabherwal says. "And it's more likely the Canadian exchange will bear more of the burden of adjusting to the change in the exchange rate." In looking at average daily volume for the past three months, Valeant Pharmaceuticals, Agrium, Potash Corp. of Saskatchewan, Barrick Gold and BlackBerry saw five to 10 times as many shares traded in the United States than in Canada.