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https://hdl.handle.net/20.500.14279/2157
Τίτλος: | Cross-listing and operating performance: evidence from exchange-listed American depositary receipts | Συγγραφείς: | Charitou, Andreas Louca, Christodoulos |
Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Λέξεις-κλειδιά: | Cross-listing;Level II;Level III;Operating performance | Ημερομηνία Έκδοσης: | Ιαν-2009 | Πηγή: | Journal of Business Finance & Accounting, 2009, vol. 36, no. 1-2, pp. 99-129 | Volume: | 36 | Issue: | 1-2 | Start page: | 99 | End page: | 129 | Περιοδικό: | Journal of Business Finance & Accounting | Περίληψη: | In 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. | URI: | https://hdl.handle.net/20.500.14279/2157 | ISSN: | 14685957 | DOI: | 10.1111/j.1468-5957.2009.02123.x | Rights: | © Wiley | Type: | Article | Affiliation: | University of Durham, United Kingdom | Affiliation: | University of Cyprus Durham University Durham University Business School |
Publication Type: | Peer Reviewed |
Εμφανίζεται στις συλλογές: | Άρθρα/Articles |
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