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dc.contributor.authorCharitou, Andreasen
dc.contributor.authorLouca, Christodoulosen
dc.creatorCharitou, Andreasen
dc.creatorLouca, Christodoulosen
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. © 2009 Blackwell Publishing Ltd.en
dc.sourceJournal of Business Finance and Accountingen
dc.subjectLevel IIen
dc.subjectLevel IIIen
dc.subjectOperating performanceen
dc.titleCross-listing and operating performance: Evidence from exchange-listed American depositary receiptsen
dc.description.endingpage129Σχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and ManagementΤμήμα Λογιστικής και Χρηματοοικονομικής / Department of Accounting and Finance
dc.contributor.orcidCharitou, Andreas [0000-0003-1080-9121]

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