An empirical investigation of Yankee stock offerings |
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Authors: | Ting Yang Sie Ting Lau |
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Institution: | (1) Faculty of Business, Auckland University of Technology, Private Bag 92006, Auckland, 1142, New Zealand;(2) Division of Banking and Finance, Nanyang Technological University, S3-01A-19 Nanyang Avenue, Singapore, 639798, Singapore |
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Abstract: | This paper examines the operating and investment performance of 100 foreign firms that conduct their initial public offerings
(IPOs) in the U.S. (Yankee stock offerings). The uniqueness of these firms is that the U.S. IPOs are their first public equity
issue in any market, including the home market. We find significant improvement in the operating performance subsequent to
these U.S. IPO events and firms from countries with poor investor protection benefit more. Compared to various benchmarks,
unlike the significant underperformance of IPOs documented in many countries, these firms show no significant abnormal long-run
stock market performance after 1, 3, or 5 years of seasoning. The findings are consistent with signaling and selective entry
hypotheses. |
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Keywords: | |
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