Market reaction to cross-listing of Canadian firm's [sic] on U.S. stock exchanges

Zhang, Yanqing Y. Q.

dc.contributor.advisor	Boabang, Francis
dc.coverage.spatial	Canada
dc.coverage.spatial	United States
dc.creator	Zhang, Yanqing Y. Q.
dc.date.accessioned	2015-05-07T13:29:09Z
dc.date.available	2015-05-07T13:29:09Z
dc.date.issued	2014
dc.identifier.uri	http://library2.smu.ca/xmlui/handle/01/26103
dc.description	1 online resource (v, 30 p.) : col. ill.
dc.description	Includes abstract and appendices.
dc.description	Includes bibliographical references (p. 23-25).
dc.description.abstract	This paper mainly tests the Canadian market reaction to Canadian firms being cross listed on U.S. stock exchanges. We tested the existence of abnormal returns based on cumulative abnormal returns using 11-day and 21-day event window, and bootstrap testing during the period 2000-2014. The Canadian market presents a significant positive mean cumulative return of 0.67% for the 11-day event window and 1.2% for 21-day window at the 5% significant level. In addition, cross-listing of Canadian firms on U.S. stock exchanges is a value-enhancing activity. The results confirm that security prices do adjust quickly to cross-listing announcements. In summary, Canadian firms cross-listing on U.S. stock exchanges yield a positive market reaction and an increase in shareholders’ wealth.	en_CA
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dc.description.provenance	Made available in DSpace on 2015-05-07T13:29:09Z (GMT). No. of bitstreams: 1 Zhang_Yanqing_MRP_2014.pdf: 988183 bytes, checksum: 4a0b0b714de933b8b26af8e877af36e3 (MD5) Previous issue date: 2014-01-08	en
dc.language.iso	en	en_CA
dc.publisher	Halifax, N.S. : Saint Mary's University
dc.title	Market reaction to cross-listing of Canadian firm's [sic] on U.S. stock exchanges	en_CA
dc.title.alternative	Market reaction to cross-listing of Canadian firms on U.S. stock exchanges
dc.type	Text	en_CA
thesis.degree.name	Master of Finance
thesis.degree.level	Masters
thesis.degree.discipline	Finance, Information Systems, & Management Science
thesis.degree.grantor	Saint Mary`s University (Halifax, N.S.)