Cross-Sectional Variation In The Long-Run Performance Of Capital-Rasing American Depositary Receipts And Their underlying Stocks

Global Business and Finance Review

卷:13

Thanh Ngo¹  Surendranath Jory² 

[1] Florida Atlantic University;

[2] University of Michigan - Flint;

关键词: cross sectional variation;    long-run performance;    capital raising;    american depositary receipts;    underlying stocks;   

DOI  :  

来源: DOAJ

【 摘 要 】

!n this paper, we investigate the cross-sectional variation in the post-issuance long-run performance of American depositary receipts (ADRs) and their under(ving stocks. We focus on the factors that explain the cross-sectional variation in the returns. Our sample includes issues ofADRs by 109 non-US. companies from Asia. Africa. Europe and Latin America during the period 2000-200./. We }Ind that. overall, ADR issues and their underlying stocks underperform market benchmarks. We also }Ind that the degree to which the ADRY underperform depends on whether the underlying foreign company is undergoing privatization, the investor protection quali(v oftheforeign countr.v. the ADR~ offi:.-r si::e, and the listing market.

【 授权许可】

Unknown