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

dc.contributor.advisorAybar, Bulent
dc.contributor.authorCao, Man Minh
dc.contributor.committeeMemberSamii, Massood
dc.contributor.committeeMemberFicici, Aysun
dc.contributor.committeeMemberWhite, Charles
dc.date.accessioned2012-08-15T15:20:23Z
dc.date.available2012-08-15T15:20:23Z
dc.date.issued2012-03
dc.description.abstractThe 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.description.bibliographicCitationCao, 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.eduen_US
dc.description.degreeDoctor of Business Administration (D.B.A.)en_US
dc.description.programInternational Businessen_US
dc.description.schoolSchool of Businessen_US
dc.digSpecsPDF/A-1ben_US
dc.format.extent1458040 bytesen_US
dc.format.mediaTypeapplication/pdfen_US
dc.identifier.urihttps://hdl.handle.net/10474/2330
dc.language.isoen_USen_US
dc.publisherSouthern New Hampshire Universityen_US
dc.relation.requiresAdobe Acrobat Readeren_US
dc.rightsAuthor retains all ownership rights. Further reproduction in violation of copyright is prohibiteden_US
dc.rightsHolderCao, Man Minh
dc.subject.lcshSouthern New Hampshire University -- Theses (International Business)en_US
dc.subject.otherPublic Company Accounting Reform and Investor Protection Act of 2002en_US
dc.subject.otherSarbanes-Oxley Acten_US
dc.subject.othervaluationen_US
dc.titleThe impact of international cross-listings on firm value after the Sarbanes–Oxley Act: Evidence from American depositary receiptsen_US
dc.typeDissertationen_US

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