Global Business and Finance Review | 卷:13 |
Cross-Sectional Variation In The Long-Run Performance Of Capital-Rasing American Depositary Receipts And Their underlying Stocks | |
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