Uner, Sabri Guray
(2009)
ESSAYS ON THE SARBANES-OXLEY ACT AND FOREIGN ISSUERS LISTED IN THE U.S.: MARKET VALUE AND INFORMATION MEASURES.
Doctoral Dissertation, University of Pittsburgh.
(Unpublished)
Abstract
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.
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Details
| Item Type: |
University of Pittsburgh ETD
|
| Status: |
Unpublished |
| Creators/Authors: |
| Creators | Email | Pitt Username | ORCID  |
|---|
| Uner, Sabri Guray | sgu1@pitt.edu | SGU1 | |
|
| ETD Committee: |
| Title | Member | Email Address | Pitt Username | ORCID |
|---|
| Committee Chair | Lehn, Kenneth M | | | | | Committee Member | Mandelker, Gershon | | | | | Committee Member | Caner, Mehmet | | | | | Committee Member | Thomas, Shawn | | | |
|
| Date: |
30 September 2009 |
| Date Type: |
Completion |
| Defense Date: |
15 April 2008 |
| Approval Date: |
30 September 2009 |
| Submission Date: |
21 May 2009 |
| Access Restriction: |
No restriction; Release the ETD for access worldwide immediately. |
| Institution: |
University of Pittsburgh |
| Schools and Programs: |
Joseph M. Katz Graduate School of Business > Business Administration |
| Degree: |
PhD - Doctor of Philosophy |
| Thesis Type: |
Doctoral Dissertation |
| Refereed: |
Yes |
| Uncontrolled Keywords: |
Bonding hypothesis; Earnings Informativeness; Event Study; Foreign issuers; Information Asymmetry; Cross-listing; Sarbanes-Oxley Act |
| Other ID: |
http://etd.library.pitt.edu/ETD/available/etd-05212009-215134/, etd-05212009-215134 |
| Date Deposited: |
10 Nov 2011 19:45 |
| Last Modified: |
15 Nov 2016 13:43 |
| URI: |
http://d-scholarship.pitt.edu/id/eprint/7930 |
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