Please use this identifier to cite or link to this item:
https://hdl.handle.net/20.500.14279/2157
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Charitou, Andreas | - |
dc.contributor.author | Louca, Christodoulos | - |
dc.date.accessioned | 2013-02-08T08:21:19Z | en |
dc.date.accessioned | 2013-05-16T08:22:01Z | - |
dc.date.accessioned | 2015-12-02T09:27:32Z | - |
dc.date.available | 2013-02-08T08:21:19Z | en |
dc.date.available | 2013-05-16T08:22:01Z | - |
dc.date.available | 2015-12-02T09:27:32Z | - |
dc.date.issued | 2009-01 | - |
dc.identifier.citation | Journal of Business Finance & Accounting, 2009, vol. 36, no. 1-2, pp. 99-129 | en_US |
dc.identifier.issn | 14685957 | - |
dc.identifier.uri | https://hdl.handle.net/20.500.14279/2157 | - |
dc.description.abstract | 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. | en_US |
dc.format | en_US | |
dc.language.iso | en | en_US |
dc.relation.ispartof | Journal of Business Finance & Accounting | en_US |
dc.rights | © Wiley | en_US |
dc.subject | Cross-listing | en_US |
dc.subject | Level II | en_US |
dc.subject | Level III | en_US |
dc.subject | Operating performance | en_US |
dc.title | Cross-listing and operating performance: evidence from exchange-listed American depositary receipts | en_US |
dc.type | Article | en_US |
dc.affiliation | University of Durham, United Kingdom | - |
dc.collaboration | University of Cyprus | en_US |
dc.collaboration | Durham University | en_US |
dc.collaboration | Durham University Business School | en_US |
dc.subject.category | Economics and Business | en_US |
dc.journals | Subscription | en_US |
dc.country | Cyprus | en_US |
dc.country | United Kingdom | en_US |
dc.subject.field | Social Sciences | en_US |
dc.publication | Peer Reviewed | en_US |
dc.identifier.doi | 10.1111/j.1468-5957.2009.02123.x | en_US |
dc.dept.handle | 123456789/54 | en |
dc.relation.issue | 1-2 | en_US |
dc.relation.volume | 36 | en_US |
cut.common.academicyear | 2008-2009 | en_US |
dc.identifier.spage | 99 | en_US |
dc.identifier.epage | 129 | en_US |
item.fulltext | No Fulltext | - |
item.languageiso639-1 | en | - |
item.grantfulltext | none | - |
item.openairecristype | http://purl.org/coar/resource_type/c_6501 | - |
item.cerifentitytype | Publications | - |
item.openairetype | article | - |
crisitem.journal.journalissn | 1468-5957 | - |
crisitem.journal.publisher | Wiley | - |
crisitem.author.dept | Department of Nursing | - |
crisitem.author.dept | Department of Finance, Accounting and Management Science | - |
crisitem.author.faculty | Faculty of Health Sciences | - |
crisitem.author.faculty | Faculty of Tourism Management, Hospitality and Entrepreneurship | - |
crisitem.author.orcid | 0000-0003-3436-3734 | - |
crisitem.author.parentorg | Faculty of Health Sciences | - |
crisitem.author.parentorg | Faculty of Management and Economics | - |
Appears in Collections: | Άρθρα/Articles |
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