dc.contributor.author | Charitou, Andreas | en |
dc.contributor.author | Louca, Christodoulos | en |
dc.creator | Charitou, Andreas | en |
dc.creator | Louca, Christodoulos | en |
dc.date.accessioned | 2019-04-24T06:29:27Z | |
dc.date.available | 2019-04-24T06:29:27Z | |
dc.date.issued | 2009 | |
dc.identifier.uri | http://gnosis.library.ucy.ac.cy/handle/7/46741 | en |
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. © 2009 Blackwell Publishing Ltd. | en |
dc.language.iso | eng | en |
dc.source | Journal of Business Finance and Accounting | en |
dc.subject | Cross-listing | en |
dc.subject | Level II | en |
dc.subject | Level III | en |
dc.subject | Operating performance | en |
dc.title | Cross-listing and operating performance: Evidence from exchange-listed American depositary receipts | en |
dc.type | info:eu-repo/semantics/article | |
dc.identifier.doi | 10.1111/j.1468-5957.2009.02123.x | |
dc.description.volume | 36 | |
dc.description.startingpage | 99 | |
dc.description.endingpage | 129 | |
dc.author.faculty | Σχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management | |
dc.author.department | Τμήμα Λογιστικής και Χρηματοοικονομικής / Department of Accounting and Finance | |
dc.type.uhtype | Article | en |
dc.contributor.orcid | Charitou, Andreas [0000-0003-1080-9121] | |
dc.description.totalnumpages | 99-129 | |
dc.gnosis.orcid | 0000-0003-1080-9121 | |