Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/69288
Título: | The impact of cross-delisting from the U.S. on firms’ financial constraints |
Autor(es): | Loureiro, Gilberto Silva, Sónia Maria da Silva Faria Nogueira da |
Palavras-chave: | Cross-delisting Financial constraints Information asymmetry Investment-to-cash flow sensitivity Cash-to-cash flow sensitivity |
Data: | 2020 |
Editora: | Elsevier |
Revista: | Journal of Business Research |
Citação: | Loureiro, G., & Silva, S. (2020, January). The impact of cross-delisting from the U.S. On firms’ financial constraints. Journal of Business Research. Elsevier BV. http://doi.org/10.1016/j.jbusres.2019.09.055 |
Resumo(s): | We investigate the impact of cross-delisting on firms’ financial constraints. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow and cash-to-cash flow sensitivities. Following a delisting, the sensitivity of investment to cash flow increases significantly, and firms also tend to save more cash out of cash flows. These effects are mainly driven by cross-delisted firms from countries with weaker investor protection and are more predominant after the passage of Rule 12 h-6 (of 2007), which made it easier for foreign firms to leave U.S. markets. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/69288 |
DOI: | 10.1016/j.jbusres.2019.09.055 |
ISSN: | 0148-2963 |
Arbitragem científica: | yes |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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The impact of cross-delisting.pdf | The impact of cross-delisting from the U.S. on firms | 1,63 MB | Adobe PDF | Ver/Abrir |