Theses and Dissertations - UTB/UTPA

Date of Award


Document Type


Degree Name

Doctor of Philosophy (PhD)



First Advisor

Dr. Haiwei Chen

Second Advisor

Dr. Thanh Ngo

Third Advisor

Dr. Chintal Desai


This dissertation studies the performance of U.S. firms that partake in a foreign IPO – bypassing their domestic exchanges and raising their equity in a foreign market. Chapter one provides an introduction and brief review of the main research questions and results. Chapter 2 provides a detailed literature review on initial public offerings-IPOs. This includes relevant studies on the long- and short-run performance of IPOs, theories for IPO underpricing and an international component of the IPO literature. Additional cross-listing literature is also reviewed to provide a more complete and balanced understanding of the international market for equity. Chapter 3 develops testable hypotheses and discusses data and the matching methodology for the investigation of the performance of foreign IPOs (FIPOs) matched with domestic IPOs (DIPOs) in both the short- and long-term. Chapter 4 examines the short-run performance and the underpricing of the foreign IPO sample and provides some explanation as to why such results are present. Chapter 5 examines the long-run performance of foreign IPOs and provides commentary on the results. Chapter 6 summarizes the results and provides implications for academics and practitioners.


Copyright 2012 Robert N. Killins. All Rights Reserved.

Granting Institution

University of Texas-Pan American