کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
13463642 | 1845553 | 2020 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of cross-delisting from the U.S. On firms' financial constraints
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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چکیده انگلیسی
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 12â¯h-6 (of 2007), which made it easier for foreign firms to leave U.S. markets.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 108, January 2020, Pages 132-146
Journal: Journal of Business Research - Volume 108, January 2020, Pages 132-146
نویسندگان
Gilberto Loureiro, Sónia Silva,