Please use this identifier to cite or link to this item: https://ktisis.cut.ac.cy/handle/10488/6891
DC FieldValueLanguage
dc.contributor.authorCharitou, Andreas-
dc.contributor.authorLouca, Christodoulos-
dc.date.accessioned2013-02-08T08:21:19Zen
dc.date.accessioned2013-05-16T08:22:01Z-
dc.date.accessioned2015-12-02T09:27:32Z-
dc.date.available2013-02-08T08:21:19Zen
dc.date.available2013-05-16T08:22:01Z-
dc.date.available2015-12-02T09:27:32Z-
dc.date.issued2009-01-
dc.identifier.citationJournal of Business Finance & Accounting, 2009, vol. 36, no. 1-2, pp. 99-129en_US
dc.identifier.issn1468-5957-
dc.identifier.urihttp://ktisis.cut.ac.cy/handle/10488/6891-
dc.description.abstractIn this paper we examine the operating performance of non-US firms that enter major US stock exchanges using American Depositary Receipt (ADR) programs. Our dataset consists of 108 capital-raising and non-capital-raising firms from twenty four countries, cross-listed on major US stock exchanges during the period 1994-2004. We provide evidence that capital-raising cross-listed firms experience improvements in their operating performance after the listing, relative to a non-cross-listed matched sample of firms and relative to the pre-listing period, whereas non-capital-raising cross-listed firms out-perform a non-cross-listed matched sample of firms for both the pre-listing and the post-listing periods. These results suggest that the type of ADR program conveys information about changes in the post-listing operating performance. Moreover, both capital-raising and non-capital-raising cross-listed firms have positive abnormal returns due to the cross-listing and these abnormal returns are positively related with the post-listing abnormal changes in operating performance, suggesting that the market anticipates the post-listing abnormal changes in operating performance. Results are robust after adjusting for various firm and country risk characteristics.en_US
dc.formatpdfen_US
dc.language.isoenen_US
dc.publisherWileyen
dc.relation.ispartofJournal of Business Finance & Accountingen_US
dc.rights© Wileyen_US
dc.subjectCross-listingen_US
dc.subjectLevel IIen_US
dc.subjectLevel IIIen_US
dc.subjectOperating performanceen_US
dc.titleCross-listing and operating performance: evidence from exchange-listed American depositary receiptsen_US
dc.typeArticleen_US
dc.affiliationUniversity of Durham, United Kingdom-
dc.collaborationUniversity of Cyprusen_US
dc.collaborationDurham Universityen_US
dc.collaborationDurham University Business Schoolen_US
dc.subject.categoryEconomics and Businessen_US
dc.journalsSubscriptionen_US
dc.countryCyprusen_US
dc.countryUnited Kingdomen_US
dc.subject.fieldSocial Sciencesen_US
dc.publicationPeer Revieweden_US
dc.identifier.doi10.1111/j.1468-5957.2009.02123.xen_US
dc.dept.handle123456789/54en
dc.relation.issue1-2en_US
dc.relation.volume36en_US
cut.common.academicyear2008-2009en_US
dc.identifier.spage99en_US
dc.identifier.epage129en_US
item.cerifentitytypePublications-
item.languageiso639-1en-
item.openairecristypehttp://purl.org/coar/resource_type/c_6501-
item.openairetypearticle-
item.fulltextNo Fulltext-
item.grantfulltextnone-
crisitem.journal.journalissn1468-5957-
crisitem.journal.publisherWiley-
crisitem.author.deptDepartment of Nursing-
crisitem.author.deptDepartment of Commerce, Finance and Shipping-
crisitem.author.facultyFaculty of Health Sciences-
crisitem.author.facultyFaculty of Management and Economics-
crisitem.author.orcid0000-0003-3436-3734-
crisitem.author.parentorgFaculty of Health Sciences-
crisitem.author.parentorgFaculty of Management and Economics-
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