Social and Behavioral Sciences Commons^™

The Long-Run Performance Of U.S. Firms Pursuing Ipos In Foreign Markets, Robert N. Killins, Peter V. Egly

Economics and Finance Faculty Publications and Presentations

Purpose

The purpose of this paper is to investigate the long-run performance of a unique set of US domiciled firms that have bypassed the US capital markets in pursuit of their initial public offering (IPO) overseas. Additionally, this paper then tests the popular underwriter prestige impact and the window of opportunity hypothesis on this unique subset of IPOs.

Design/methodology/approach

Using a sample of foreign and purely domestic IPOs made by US firms from 2000 to 2011, this study investigates the long-term performance, one-, two- and three-year by using two measures (buy-and-hold return and cumulative abnormal returns) to test the long-run …

Effects Of Bush Tax Cut And Obama Tax Increase On Corporate Payout Policy And Stock Returns, Andre Vianna

Economics and Finance Faculty Publications and Presentations

Abstract This article analyzes the effects of the American Taxpayer Relief Act of 2012 (Obama Tax Increase) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Bush Tax Cut) on corporate payout decision and stock returns. Logit and fixed-effect panel data analyses are conducted on all firms listed in NYSE, Amex and NASDAQ in the announcement windows of two, three and four quarters before and after the tax reforms. The results show that the implementation of these tax reforms more persistently affects dividend payments than stock repurchases. It also has a boosting effect on stock returns in the …

Do U.S. Firms Fly Higher When Bypassing The U.S. Capital Markets? An Investigation Of The Short-Term Performance Of Foreign Ipos, Robert N. Killins, Peter V. Egly

Economics and Finance Faculty Publications and Presentations

This paper investigates the performance of U.S. firms that partake in a foreign IPO – bypassing their domestic exchanges and raising their equity in a foreign market. The globalization of equity markets along with the increased regulations to financial markets in the U.S. has potentially led to the U.S. losing its title as the premier listing market. Using a sample of 77 U.S. based firms that totally bypassed the U.S. equity markets in their capital(equity) raising activities we are able to investigate the performance of this unique sample of firms. This investigation contributes to the literature by finding that U.S. …