The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements

This study examines the effects of legal regime on the patterns of stock returns surrounding the earnings announcements of American Depositary Receipt (ADR) programs. My results indicate that the properties of accounting earnings associated with the local legal regime of an ADR program spill over to...

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Main Author: Kang, Tony
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2003
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Online Access:https://ink.library.smu.edu.sg/soa_research/265
http://dx.doi.org/10.1016/s0020-7063(03)00043-8
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Institution: Singapore Management University
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spelling sg-smu-ink.soa_research-12642010-09-22T09:12:05Z The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements Kang, Tony This study examines the effects of legal regime on the patterns of stock returns surrounding the earnings announcements of American Depositary Receipt (ADR) programs. My results indicate that the properties of accounting earnings associated with the local legal regime of an ADR program spill over to U.S. GAAP reconciled earnings. In particular, I find that the market reacts significantly to the earnings announcements of the ADR programs from common law countries whose accounting earnings are known to be more conservative and timely, but not to those of the ADR programs from code law countries where the earnings are known to be less conservative and timely. 2003-01-01T08:00:00Z text https://ink.library.smu.edu.sg/soa_research/265 info:doi/10.1016/s0020-7063(03)00043-8 http://dx.doi.org/10.1016/s0020-7063(03)00043-8 Research Collection School Of Accountancy eng Institutional Knowledge at Singapore Management University Accounting Corporate Finance Portfolio and Security Analysis
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Accounting
Corporate Finance
Portfolio and Security Analysis
spellingShingle Accounting
Corporate Finance
Portfolio and Security Analysis
Kang, Tony
The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
description This study examines the effects of legal regime on the patterns of stock returns surrounding the earnings announcements of American Depositary Receipt (ADR) programs. My results indicate that the properties of accounting earnings associated with the local legal regime of an ADR program spill over to U.S. GAAP reconciled earnings. In particular, I find that the market reacts significantly to the earnings announcements of the ADR programs from common law countries whose accounting earnings are known to be more conservative and timely, but not to those of the ADR programs from code law countries where the earnings are known to be less conservative and timely.
format text
author Kang, Tony
author_facet Kang, Tony
author_sort Kang, Tony
title The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
title_short The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
title_full The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
title_fullStr The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
title_full_unstemmed The Effects of Legal Regime on the Patterns of Stock Returns around ADR Earnings Announcements
title_sort effects of legal regime on the patterns of stock returns around adr earnings announcements
publisher Institutional Knowledge at Singapore Management University
publishDate 2003
url https://ink.library.smu.edu.sg/soa_research/265
http://dx.doi.org/10.1016/s0020-7063(03)00043-8
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