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dc.contributor.authorCharitou, Andreasen
dc.contributor.authorLouca, Christodoulosen
dc.creatorCharitou, Andreasen
dc.creatorLouca, Christodoulosen
dc.date.accessioned2019-04-24T06:29:27Z
dc.date.available2019-04-24T06:29:27Z
dc.date.issued2009
dc.identifier.urihttp://gnosis.library.ucy.ac.cy/handle/7/46741
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.language.isoengen
dc.sourceJournal of Business Finance and Accountingen
dc.subjectCross-listingen
dc.subjectLevel IIen
dc.subjectLevel IIIen
dc.subjectOperating performanceen
dc.titleCross-listing and operating performance: Evidence from exchange-listed American depositary receiptsen
dc.typeinfo:eu-repo/semantics/article
dc.identifier.doi10.1111/j.1468-5957.2009.02123.x
dc.description.volume36
dc.description.startingpage99
dc.description.endingpage129
dc.author.facultyΣχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
dc.author.departmentΤμήμα Λογιστικής και Χρηματοοικονομικής / Department of Accounting and Finance
dc.type.uhtypeArticleen
dc.contributor.orcidCharitou, Andreas [0000-0003-1080-9121]
dc.description.totalnumpages99-129


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