This dissertation studies foreign firms shareholder value and earnings-related information measures in relation with the implications of the Sarbanes-Oxley Act of 2002. Chapter One addresses the value implications and empirically tests the changes in market values of foreign firms around SOX related announcements, and how it varies across home country legislative characteristics. My findings on market reactions provide mixed evidence. SOX related announcements exhibit the expected sign, but statistical significant is limited. Results from cross-sectional analysis are partially aligned with the bonding hypothesis implications. My findings suggest that the market reaction for cross-listed firms from countries with common-law origin and, consequently, better investor protection is not statistically different than firms from civil law originated jurisdictions and, consequently, weaker investor protection. Chapter Two studies the earnings-related information environment for foreign firms following the enactment of SOX Act in comparison with earlier periods. In particular, I empirically analyze the change in forecast accuracy, dispersion among the analysts forecasts, and the informativeness of earnings announcements. My analysis suggests there was no significant improvement or deterioration in forecast accuracy and informativeness of earnings announcement in the post-SOX period relative to pre-SOX period. However, my findings suggest some improvement in forecast dispersion of foreign firms for the post-SOX period.
| Identifer | oai:union.ndltd.org:PITT/oai:PITTETD:etd-05212009-215134 |
| Date | 30 September 2009 |
| Creators | Uner, Sabri Guray |
| Contributors | Mehmet Caner, Shawn Thomas, Gershon Mandelker, Kenneth M. Lehn |
| Publisher | University of Pittsburgh |
| Source Sets | University of Pittsburgh |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.library.pitt.edu/ETD/available/etd-05212009-215134/ |
| Rights | unrestricted, I hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to University of Pittsburgh or its agents the non-exclusive license to archive and make accessible, under the conditions specified below, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report. |
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