The stock market reaction to losing or gaining foreign private issuer status

Burnett, Brian M.; Jørgensen, Bjørn N.; Pollard, Troy

doi:10.1016/j.jaccpubpol.2017.02.001

Cited by 8 publications

(3 citation statements)

References 71 publications

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“…FPIs are not required to report under U.S. GAAP. Some Canadian firms listed in the United States do not qualify to be FPIs, and must then follow the same reporting requirements as U.S. companies, including using U.S. GAAP, see Burnett, Jorgensen, and Pollard (). We exclude these firms from our analysis because they did not have a choice between standards.…”

Section: Related Research and Institutional Backgroundmentioning

confidence: 99%

Earnings Quality: Evidence from Canadian Firms' Choice between IFRS and U.S. GAAP

Burnett

Gordon

Jørgensen

et al. 2015

Accounting Perspectives

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Section: Related Research and Institutional Backgroundmentioning

confidence: 99%

Earnings Quality: Evidence from Canadian Firms' Choice between IFRS and U.S. GAAP

Burnett

Gordon

Jørgensen

et al. 2015

Accounting Perspectives

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“…CARs are calculated using the market-model event study methodology. Specifically, abnormal returns are calculated using the market model parameters estimated over a 250day period ending 10 days before the dividend announcement date (Burnett et al, 2017). The CRSP value-weighted index is used in the market model to compute betas.…”

Section: Additional Analysis: Market Response To Dividend Payout Announcementmentioning

confidence: 99%

“…CRSP value-weighted index is used as betas in the market model. Market model parameters are estimated over a 250-day trading window ending 10 days before the dividend announcement date(Burnett et al, 2017)…”

mentioning

confidence: 99%

Reporting of discontinued operations and dividend payout policy

Guragai

Henke

Young

2021

RAF

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Purpose This study aims to examine the relationship between the types of discontinued operations (i.e. income-increasing versus income-decreasing) and a firm’s dividend payout policy. The authors extend our analysis to examine whether equity investors react differently to dividend payout changes that are preceded by the reporting of different types of discontinued operations. Design/methodology/approach Ordinary least squares regressions are used to test the association between discontinued operations and dividend payouts. The investor response test uses cumulative abnormal return around the announcement of dividend payout changes. Findings The authors find that firms temporarily increase (decrease) their dividend payout in the quarter following the reporting of income-increasing (income-decreasing) discontinued operations. The authors further find that these results are stronger when the magnitude of the income increase or income decrease is larger and when firms report disposal gains or losses. Although prior literature finds evidence that dividend increases are associated with a significant positive market reaction, the results show that investors do not react positively to dividend increases that are preceded by reporting income-increasing discontinued operations. Originality/value This study adds to the literature on the effects of financial reporting (i.e. the types of discontinued operations) on a firm’s payout policy (i.e. dividend payout). The authors also add to the literature that examines investors’ perceptions of a firm’s payout changes when such changes are transitory in nature.

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Market response to stock exchange listing deficiency notices: Evidence from Nasdaq

Guragai

2022

Advances in Accounting

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The stock market reaction to losing or gaining foreign private issuer status

Abstract: The stock market reaction to losing or gaining foreign private issuer status.

Cited by 8 publications

References 71 publications

Earnings Quality: Evidence from Canadian Firms' Choice between IFRS and U.S. GAAP

Earnings Quality: Evidence from Canadian Firms' Choice between IFRS and U.S. GAAP

Reporting of discontinued operations and dividend payout policy

Market response to stock exchange listing deficiency notices: Evidence from Nasdaq

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