The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin＇s Q and the market-to-book ratio for the period before and after the cross-li...The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin＇s Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section （TSCS） and Panel Corrected Standard Error （PCSE） regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study＇s results indicate that the Tobin＇s Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share （EPS） and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study＇s findings are more in support of the growth opportunity hypothesis.展开更多
Objective:Postoperative recurrence of esophageal carcinoma was the main factor that affect the patients' survival and quality of life.This study mainly investigated the clinical features of thoracic stomach cancer...Objective:Postoperative recurrence of esophageal carcinoma was the main factor that affect the patients' survival and quality of life.This study mainly investigated the clinical features of thoracic stomach cancer (TSC) after surgical treatment for esophageal carcinoma.Methods:We retrospectively reviewed 51 cases of postoperative TSC in our hospital (Henan Province Tumor Hospital,Zhengzhou,China).Results:The 51 (10.97%) of all 465 cases that underwent endoscope after surgical treatment for esophageal carcinoma in our hospital were TSCs.There were 13 cases with complicating anastomotic recurrence.The locations of 46 cases (90.2%) were the same as the primary cancer.The 48 cases were squamous cell carcinomas and 3 cases were adenocarcinomas after esophagectomy for esophageal carcinoma.Endoscopic manifestations were puffiness-infiltrating type at 39.2% (20/51),massive type at 15.7% (8/51),ulcerative type at 7.8% (4/51) and ulcerative infiltrating type at 3.9% (2/51) and stenotic type etc.Conclusion:The incidence of TSC after surgical treatment for esophageal carcinoma is high.The main cause was that the local residual cancer invaded gastric wall.The gastroscopic features of TSC are different from those of gastric cancer.Regular review with endoscopy in postoperative esophageal carcinoma patients was a major way to diagnose TSC.展开更多
文摘The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin＇s Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section （TSCS） and Panel Corrected Standard Error （PCSE） regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study＇s results indicate that the Tobin＇s Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share （EPS） and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study＇s findings are more in support of the growth opportunity hypothesis.
文摘Objective:Postoperative recurrence of esophageal carcinoma was the main factor that affect the patients' survival and quality of life.This study mainly investigated the clinical features of thoracic stomach cancer (TSC) after surgical treatment for esophageal carcinoma.Methods:We retrospectively reviewed 51 cases of postoperative TSC in our hospital (Henan Province Tumor Hospital,Zhengzhou,China).Results:The 51 (10.97%) of all 465 cases that underwent endoscope after surgical treatment for esophageal carcinoma in our hospital were TSCs.There were 13 cases with complicating anastomotic recurrence.The locations of 46 cases (90.2%) were the same as the primary cancer.The 48 cases were squamous cell carcinomas and 3 cases were adenocarcinomas after esophagectomy for esophageal carcinoma.Endoscopic manifestations were puffiness-infiltrating type at 39.2% (20/51),massive type at 15.7% (8/51),ulcerative type at 7.8% (4/51) and ulcerative infiltrating type at 3.9% (2/51) and stenotic type etc.Conclusion:The incidence of TSC after surgical treatment for esophageal carcinoma is high.The main cause was that the local residual cancer invaded gastric wall.The gastroscopic features of TSC are different from those of gastric cancer.Regular review with endoscopy in postoperative esophageal carcinoma patients was a major way to diagnose TSC.
