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Essays On The Performance And Earnings Management Of Cross-Listing Firms, Klaus S. Beckmann
Essays On The Performance And Earnings Management Of Cross-Listing Firms, Klaus S. Beckmann
Theses and Dissertations
I investigate the performance and earnings management of firms that cross-list in foreign markets. In the first essay, I analyze and compare the underpricing and buy-and-hold abnormal returns of depositary receipt equity offerings with preceding Initial Public Offerings (IPOs) and Seasoned Equity Offerings (SEOs) of the same firms to identify differences and motivations of equity offerings free of any matching bias. I find that domestic equity offerings entail significantly larger underpricing than subsequent foreign equity offerings. The average buy-and-hold abnormal returns of depositary receipt equity offerings are significantly lower than the underlying firm’s performance at preceding domestic equity issuances over …
The Role Of Liquidity In The Market For American Depositary Receipts: Evidence From Latin America, Alma Delia Hales
The Role Of Liquidity In The Market For American Depositary Receipts: Evidence From Latin America, Alma Delia Hales
Theses and Dissertations - UTB/UTPA
Since 2003 Latin America has exhibited macroeconomic stability that starkly contrasts conditions in the 1990s. Capital flows from the United States to Latin American equity markets, particularly through American Depositary Receipts (ADRs), increased from 2003 until 2008 when they declined due to the global financial crisis. However, by 2010, capital flows to most Latin American countries exceeded their pre-crisis levels. In spite of the reported macroeconomic stability and rising capital flows, Latin American stock markets remain underdeveloped and exhibit low domestic liquidity. This dissertation analyzes the relationship between low domestic liquidity and the market for ADR issues from four Latin …
Spillover Effects On Latin American Equity Markets: The Case Of Adrs And Non-Adr Firms, Roberto Jairo Curci-Berrio
Spillover Effects On Latin American Equity Markets: The Case Of Adrs And Non-Adr Firms, Roberto Jairo Curci-Berrio
Theses and Dissertations - UTB/UTPA
The development of the American Depositary Receipt (ADR) market allows investors desiring to diversify in Latin America to follow three diversification strategies. First, they may invest in Latin American firms traded through ADRs in the U.S. equity market. Second, they may invest in the underlying stocks of Latin American ADRs traded in Latin American stock exchanges. Third, investors may invest in Latin American firms not cross-listed; hereafter called non-ADR firms, and traded in Latin American stock exchanges. This dissertation contributes to the current literature by investigating whether U.S. and Latin American investors improve portfolio performance by investing in ADR or …