Business Commons^™

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 Relationship Between Institutional Ownership And Firm Performance, Javeria Farooqi

Theses and Dissertations - UTB/UTPA

In the past three decades, the presence of institutional investors has increased 33% in the equity market. The main goal of this dissertation is to study the relationship between institutional ownership and firm performance. I examine how the level institutional investors' involvement in composing their own portfolio, as oppose to replicating their portfolio, impacts their level of monitoring and disciplining their portfolio firms. Specifically, I investigate the relationship between institutional ownership and firms' operating efficiency, earnings management and cost of debt.

In Chapter II, I explore the relationship between institutional ownership and firms' operating efficiency. I use the data envelopment …