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Essays on the performance and earnin...

Beckmann, Klaus S.

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Essays on the performance and earnings management of cross-listing firms.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on the performance and earnings management of cross-listing firms./
Author:	Beckmann, Klaus S.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
Description:	164 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-05(E), Section: A.
Contained By:	Dissertation Abstracts International78-05A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10174020
ISBN:	9781369285611

Essays on the performance and earnings management of cross-listing firms.
Beckmann, Klaus S.

Essays on the performance and earnings management of cross-listing firms. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 164 p.

Source: Dissertation Abstracts International, Volume: 78-05(E), Section: A.

Thesis (Ph.D.)--The University of Texas Rio Grande Valley, 2016.

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 holding periods of 1 to 5 years after the respective issuances. Furthermore, traditional matching techniques as applied in most research articles comparing the performance after IPOs and SEOs may significantly overstate the degree of aftermarket performance and significantly understate the degree of underpricing. The second essay examines the existence of real and accrual-based earnings management around cross-listings in foreign markets. The results indicate that firms actively manage their earnings around cross-listing events using both, accrual and real earnings management. Real earnings management is the more favorable earnings method in comparison to accrual-based earnings management, especially for American Depositary Receipts (ADR) cross-listed via level II and III. Finally, firms listing via a sponsoring investment bank manage their real earnings significantly more than firms listed via unsponsored ADRs.

ISBN: 9781369285611Subjects--Topical Terms:

542899
Finance.

Essays on the performance and earnings management of cross-listing firms.
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100 1 $a Beckmann, Klaus S. $3 3280973
245 1 0 $a Essays on the performance and earnings management of cross-listing firms.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2016
300 $a 164 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-05(E), Section: A.
500 $a Adviser: Diego A. Escobari.
502 $a Thesis (Ph.D.)--The University of Texas Rio Grande Valley, 2016.
520 $a 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 holding periods of 1 to 5 years after the respective issuances. Furthermore, traditional matching techniques as applied in most research articles comparing the performance after IPOs and SEOs may significantly overstate the degree of aftermarket performance and significantly understate the degree of underpricing. The second essay examines the existence of real and accrual-based earnings management around cross-listings in foreign markets. The results indicate that firms actively manage their earnings around cross-listing events using both, accrual and real earnings management. Real earnings management is the more favorable earnings method in comparison to accrual-based earnings management, especially for American Depositary Receipts (ADR) cross-listed via level II and III. Finally, firms listing via a sponsoring investment bank manage their real earnings significantly more than firms listed via unsponsored ADRs.
590 $a School code: 1863.
650 4 $a Finance. $3 542899
650 4 $a Economic theory. $3 1556984
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690 $a 0511
710 2 $a The University of Texas Rio Grande Valley. $b Business Administration. $3 3168380
773 0 $t Dissertation Abstracts International $g 78-05A(E).
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791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10174020