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The impact of international cross-listings on firm value after the Sarbanes–Oxley Act: Evidence from American depositary receipts

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dc.contributor.advisor Aybar, Bulent
dc.contributor.author Cao, Man Minh
dc.date.accessioned 2012-08-15T15:20:23Z
dc.date.available 2012-08-15T15:20:23Z
dc.date.issued 2012-03
dc.identifier.uri http://hdl.handle.net/10474/2330
dc.description.abstract The Sarbanes-Oxley Act is formally named the Public Company Accounting Reform and Investor Protection Act of 2002. The act is arguably one of the most significant reforms to affect the U.S. stock markets since the Securities Exchange Act of 1934. This study compares valuation implications of ADR announcements before and after the introduction of the act. A total of 234 ADR announcements are analyzed over a time frame spanning from 1994 to 2010 by employing event study methodology. Even though several studies attempt to explore the effects of the act on the value of firms issuing American Depository Receipts (ADR), reported results are either negative or positive. The empirical results presented in this study indicate that the impact on ADR issuing firms is not negative. The observed cumulative abnormal returns (CARs) reveal that investors on average positively react to ADR issue announcements during the post Sarbanes-Oxley period. However, empirical results do not lend support for the hypothesis that CARs are significantly different during the two periods analyzed in the study. en_US
dc.format.extent 1458040 bytes en_US
dc.language.iso en_US en_US
dc.publisher Southern New Hampshire University en_US
dc.relation.requires Adobe Acrobat Reader en_US
dc.rights Author retains all ownership rights. Further reproduction in violation of copyright is prohibited en_US
dc.subject.lcsh Southern New Hampshire University -- Theses (International Business) en_US
dc.subject.other Public Company Accounting Reform and Investor Protection Act of 2002 en_US
dc.subject.other Sarbanes-Oxley Act en_US
dc.subject.other valuation en_US
dc.title The impact of international cross-listings on firm value after the Sarbanes–Oxley Act: Evidence from American depositary receipts en_US
dc.type Dissertation en_US
dc.contributor.committeeMember Samii, Massood
dc.contributor.committeeMember Ficici, Aysun
dc.contributor.committeeMember White, Charles
dc.description.bibliographicCitation Cao, M. M. (2012). The impact of international cross-listings on firm value after the Sarbanes–Oxley Act: Evidence from American depositary receipts. Retrieved from http://academicarchive.snhu.edu en_US
dc.description.degree Doctor of Business Administration (D.B.A.) en_US
dc.description.program International Business en_US
dc.description.school School of Business en_US
dc.digSpecs PDF/A-1b en_US
dc.format.mediaType application/pdf en_US
dc.rightsHolder Cao, Man Minh


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