Dissertations / Theses on the topic 'American depositary receipts'
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Hubbard, Daniel Julian. "An accounting study of American depositary receipts." Diss., Virginia Tech, 1992. http://hdl.handle.net/10919/39931.
Full textPh. D.
Zayachuk, Iryna. "Influence of Depositary Receipts on Companies’ Performance: Evidence from Eastern Europe." Ohio : Ohio University, 2003. http://www.ohiolink.edu/etd/view.cgi?ohiou1071257451.
Full textFerreira, José Antonio Stark. "Gestão do processo de emissão de American Depositary Receipts-ADR." reponame:Repositório Institucional do FGV, 2001. http://hdl.handle.net/10438/4112.
Full textEichler, Stefan. "Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2012. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-83470.
Full textEichler, Stefan, and Ingmar Rövekamp. "Eurozone Exit Risk." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-226362.
Full textDelgado, Yana Ruth Milagros. "Inversión en American Depositary Receipts (ADRs), y la protección a los inversionistas después de Morrison." Master's thesis, Pontificia Universidad Católica del Perú, 2018. http://tesis.pucp.edu.pe/repositorio/handle/123456789/13287.
Full textTrabajo de investigación
Forsyth, Solari Albert. "Emisión y colocación internacional de acciones emitidas por sociedades peruanas a través de American Depositary Receipts (ADR)." THĒMIS-Revista de Derecho, 2015. http://repositorio.pucp.edu.pe/index/handle/123456789/109878.
Full textPantaleão, Bruno Bartocci. "A reação do mercado frente ao cross-listing internacional : evidência das american depositary receipts de empresas brasileiras." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2017. http://hdl.handle.net/10183/173317.
Full textThe purpose of this paper is to analyze the effects of the cross-listing announcement on the behavior of the shares of Brazilian companies that enroll in ADR programs. The analyzed aspects of the domestic shares’ behavior are the abnormal returns, the liquidity levels and the volatility of the returns measured by their variance. 22 ADR programs were analyzed. For each of the characteristic studied, a different empirical technique was utilized. The abnormal returns analysis was conducted through an event study for 5 different study windows. The second empirical technique rely on the “Indice de Negociabilidade”, a metric developed by Economatica which involves the number of daily trades of the market and of the shares to measure potential changes in the liquidity levels of the shares. Finally, the third method used analyzes the variance of the returns of the domestic shares as relevant measure of volatility of returns. Although with limitations, the study presented results aligned with part of the reference studies and bibliography, demonstrating, except for the window of 5 days pre and post event, that it is not possible to assert that the returns of the shares analyzed after the announcement of the issuance of the ADRs are different from the returns presented by the shares before the announcement. With regard to the analysis of the impact on shares’ liquidity (INM 50d), it was possible to reject the hypothesis that the program does not impact liquidity with a significance level of 10% after comparing the liquidity of the shares of the companies that issued ADRs with the liquidity companies’ shares that composed the portfolios of the control groups. Finally, in studying volatility of the shares, it was possible to observe that for the F-tests performed, of the 22 shares tested, 11 presented results that allow the rejection of the null hypothesis and, therefore, infer that for these companies, the variance of returns during the 50-day period postevent was different from the variance of returns over the 50-day period previous to the event within a significance level of 5%. For the 11 other companies tested, it was not possible to reject the null hypothesis and therefore it was not possible to conclude, for these companies, that the event of the announcement of the issuance of ADRs had any influence on the volatility of the returns of the underlying shares. This dissertation contributes to a more in-depth understanding of the consequences of issuing ADRs. Such an expensive and demanding process exposes companies to different levels of regulation and requires a higher level of governance and therefore must be well understood by managers, banks and consultants.
Matsumoto, Alberto Shigueru. "A emissão de ADRs: American Depositary Receipts pelas empresas da América do Sul e a teoria de mercado eficiente." reponame:Repositório Institucional do FGV, 1995. http://hdl.handle.net/10438/4450.
Full textNeste trabalho são examinados os efeitos da emissão de ADRs-American Depositary Receipts, das empresas da América do Sul, nas modalidades Nível-Ill e Regra 144/A. Utilizou-se de dados de todas as 24 empresas que captaram US$ 4,8 bilhões até o ano de 1993. Os estudos sugerem que houve um aumento de retorno anormal, com um CAR-Cumulative Average Return de 17,6%, ao redor da data-zero, mês de lançamento dos ADRs. Desse percentual, 14,9% verificou-se somente nos 6 primeiros meses antes do lançamento, incluindo a data-zero. Este trabalho foi suportado pelo teste-t ao nível de significância de 0,10, pelo teste de médias iguais e variância desconhecida, ao nível de 0,01 e pelo teste de médias desiguais e variância desconhecida, ao nível de 0,02. Os resultados sugerem que o mercado é eficiente, pois antecipa aos fatos e nos preços estão refletidas as informações publicamente avaliáveis. Também calculou-se a influência do lançamento dos ADRs sobre o risco sistemático, através do coeficiente, no modelo CAPM-Capital Asset Pricing Model, a partir do 6 mês antes do lançamento comparado com o anterior, tendo os resultados evidenciado um aumento no prêmio pelo risco no retorno esperado.
Eichler, Stefan [Verfasser], Alexander [Akademischer Betreuer] Karmann, and Marcel [Akademischer Betreuer] Thum. "Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts / Stefan Eichler. Gutachter: Alexander Karmann ; Marcel Thum. Betreuer: Alexander Karmann." Dresden : Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2012. http://d-nb.info/1067730044/34.
Full textRodrigues, Herbert Simões. "Efeitos do acompanhamento de analistas e da dupla listagem sobre o disclosure voluntário durante o processo de convergência ao padrão IFRS no Brasil." reponame:Repositório Institucional da UFES, 2014. http://repositorio.ufes.br/handle/10/1114.
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Objetivou-se com o presente trabalho, estudar os efeitos da convergência às normas internacionais de contabilidade (IFRS), da cobertura de analistas financeiros e da emissão de American Depositary Receipts - ADR, sobre o disclosure voluntário das empresas listadas na BM&FBOVESPA. Partindo-se da análise de 14 trabalhos acadêmicos, desenvolveu-se um índice de disclosure voluntário contendo um total de 38 itens, sendo 25 itens de natureza financeira, econômica e organizacional e 13 itens de natureza social e ambiental. O check list do índice desenvolvido foi aplicado sobre 1.406 documentos (notas explicativas e relatórios da administração, contendo 58,2 mil páginas), de uma amostra com 703 observações - ano, obtidas durante os anos de 2006 a 2013. Utilizando-se do teste de Wilcoxon, os resultados apontam incrementos estatisticamente significantes nos níveis de disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil, sendo mais significativos elementos de natureza econômica, financeira e organizacional do que os de natureza social e ambiental. Utilizando-se de modelos OLS robustos, aplicados sobre dados em painel desbalanceado, os resultados dos testes econométricos confirmaram parcialmente a hipótese de que o padrão IFRS contribuiu no desenvolvimento do disclosure voluntário das empresas com maior acompanhamento de analistas financeiros, porém, significativamente para as empresas que emitiram American Depositary Receipts (ADR) durante o período de convergência às normas internacionais de contabilidade. Os resultados são robustos e significativos quando controlados por variáveis representativas do tamanho (TAM), da rentabilidade (RENT), do endividamento (ALAV) e de auditoria de uma big – four (AUDI) como determinantes do disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil.
We aim in this paper to study the effects of the International Account Standards, the cover of financial analysts and the emission of American Depositary Receipts (ADR), on the voluntary disclosure of BM&FBOVESPA companies, during the period of convergence to IFRS standards. From the analyses of 14 papers, we developed a check list with 38 items of voluntary disclosure, being 25 financial, economic and organizational items and 13 environmental and social items. The developed check list was applied to 1,406 documents (foot notes and director’s reports, with 58.2 thousand pages) of a sample of 703 firm–year observations, between 2006 and 2013. By using Wilcoxon test, the results show significant augmentation in the voluntary disclosure levels during the period of IFRS adoption in Brazil, being economic, financial and organizational elements more significant than social and environmental elements. By using robust OLS models for unbalanced panel data, the results for the econometric tests partially confirmed the hypothesis that IFRS has contributed for the development of voluntary disclosure of firms with higher financial analysts’ coverage. Besides, we found significant evidence that firms which emitted ADRs has enhanced their levels of voluntary disclosure during the convergence period to IFRS. The results are robust and significant when controlled by size (TAM), profitability (RENT), leverage (ALAV) and being audited by a Big Four company (AUDI) as determinants of voluntary disclosure over the period of convergence to IFRS.
Costa, Catarina de Araujo. "Comit?? de auditoria no contexto da lei Sarbanes-Oxley: um estudo da percep????o dos gestores de empresas brasileiras emitentes de American Depositary Receipts - ADRS." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2006. http://132.0.0.61:8080/tede/handle/tede/426.
Full textEm maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa.
Em maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa.
Beaudoux, Guillaume, and William Leau. "ADR premium, its construction around crisis : To what extent is the ADR premium built by the same variables during a crisis as during a non-crisis period?" Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-75723.
Full textShen, Fanglin. "Responses in divergence of opinion to earnings announcements| Evidence from American depository receipts." Thesis, Kent State University, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3618929.
Full textThe basic asset pricing model is developed under the presumption of homogeneous beliefs; However, Miller (1977) puts forward heterogeneous beliefs along with other early studies. His appealing theoretical verbal model suggests that rather than reflecting the average expectation of all market participants, stock prices reflect the valuation set by the most optimistic investors due to the differences of opinion and short-sales constraints. He predicts the convergence of divergent opinions over time "primarily because the passage of time often resolves certain uncertainties about the future of a company" (Miller 1977, p. 1155). Among the prior empirical studies which provide mixed evidence of Miller hypothesis, the most recent study by Berkman et al. (2009) endeavors to document the negative relationship between excess returns and differences of opinion in a three-day window around earnings announcements when there are binding short-sales constraints.
Yet to date there has been little empirical research investigating how divergent opinions affect asset prices of foreign stocks. This dissertation takes a step in this direction. Using the American Depositary Receipts sample, we adopt an event study methodology and use multivariate regressions to examine the host-market response in divergent opinions to the earnings announcements. Overlooked by prior literature, asymmetric reactions to good and bad earnings surprises are allowed in the study. Country-level factors from home market are introduced with firms-characteristic factors to capture the cross-sectional excess returns in the presence of belief dispersion and host-market short-sales constraints.
Our sample contains 553 ADRs with 13378 firm-quarter observations from 52 countries. Results from regression analysis show that consistent with Miller hypothesis, quarterly earnings announcements indeed help reduce opinion divergence in ADRs by documenting the negative relation between differences of opinions and excess quarterly earnings announcement returns. Our findings are robust when controlling the financial leverage, illiquidity, analyst forecasts, post-earnings announcement drift and price momentum. Moreover, we find investors do process information asymmetrically based on good and bad earnings shocks when use TURN as the DIVOPN proxy. We observe the price divergence when good earnings are released. Non-news group and bad news group experience the same price convergence. However, we do not find the positive relation between host-market short-sales constraints and excess earnings announcement period returns, even conditioning on home-market short-sales restriction. Last, we include the enforcement of insider trading law, legal origin, investor protection, rating on accounting standard and short-selling feasibility from home market into our baseline model. These home-market country-level factors do not account for our findings.
Shen, Fanglin. "Responses in Divergence of Opinion to Earnings Announcements: Evidence from American Depository Receipts." Kent State University / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=kent1366567768.
Full textHadni, Hicham. "Does the choice of listing level matter? evidence from foreign firms cross-listing in the United States /." Access to citation, abstract and download form provided by ProQuest Information and Learning Company; downloadable PDF file, 139 p, 2007. http://proquest.umi.com/pqdweb?did=1246585391&sid=2&Fmt=2&clientId=8331&RQT=309&VName=PQD.
Full textHunter, Delroy M. "Integration, diversification, and spillover : an assessment of the emerging markets using American Depository Receipts (ADRs)." Thesis, University of Warwick, 1999. http://wrap.warwick.ac.uk/4003/.
Full textFernandez, Perretti Gizelle. "Contemporary Aspects of Dividends: Before and During the Financial Crisis." FIU Digital Commons, 2011. http://digitalcommons.fiu.edu/etd/451.
Full textDoidge, Craig. "U.S. cross-listings, the private benefits of control, and ownership structure." Columbus, Ohio : Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1028840334.
Full textTitle from first page of PDF file. Document formatted into pages; contains xi, 137 p.; also contains graphics (some col.). Includes abstract and vita. Advisor: René M. Stulz, Dept. of Business Administration. Includes bibliographical references (p. 91-95).
Röhler, Klaus-Peter. "American depositary shares : Zugang deutscher Gesellschaften zum US-amerikanischen Eigenkapitalmarkt, Rechnungslegung und das rechtliche Verhältnis zur Aktie /." Baden-Baden : Nomos-Verl.-Ges, 1997. http://www.gbv.de/dms/spk/sbb/recht/toc/272701513.pdf.
Full textGao, Ning. "Two essays on the informativeness of stock prices : perspectives from M&A and the cross-listing of American depository receipts /." View abstract or full-text, 2005. http://library.ust.hk/cgi/db/thesis.pl?FINA%202005%20GAO.
Full textRagan, Kent Patrick. "Three essays in international finance /." free to MU campus, to others for purchase, 2000. http://wwwlib.umi.com/cr/mo/fullcit?p9988692.
Full textCheung, Oi Lin. "Two Essays on the Role of Information in the Interaction between American Depository Receipts and Their Home Shares: Information Transfer and Issuer Decisions." ScholarWorks@UNO, 2008. http://scholarworks.uno.edu/td/855.
Full textVoisin, Laure. "Les american depository receipts (ADR), une alternative à la double cotation des titres étrangers sur le marché américain : concepts et techniques : modélisation et étude analytique." Aix-Marseille 2, 1997. http://www.theses.fr/1997AIX24002.
Full textGupta, Rajat. "Diversification Premium on Indian ADRs During the Financial Crisis." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/23.
Full textCosta, Ronaldo Mauricio. "Adaptações observadas nas empresas emissoras de ADR durante o processo de harmonização com os padrões internacionais de Contabilidade." Pontifícia Universidade Católica de São Paulo, 2015. https://tede2.pucsp.br/handle/handle/1601.
Full textAccepting the countries to harmonize international accounting standards with IFRS, it changed the way of calculating the results of corporations worldwide. The convergence process transcended the accounting technical limits and required the companies, changes and adaptations that somehow changed the structure of the business and often the business management. The objective of this study is to analyze the changes and adaptations that have occurred in ADR issuers in the IFRS implementation process, identifying the financial, cultural and behavioral technical impacts in these companies. The search strategy was conducted by a multiple case study which analyzed in depth, four large corporations that are part of the ADR issuance program on the New York Stock Exchange and which went through the process of alignment with the international accounting standards. To this end, interviews were used, document analysis and participant observation was found that the process of convergence to IFRS improved the quality in the calculation of the results of companies and facilitated the comparison of the results with competitors. Existing systems before harmonization were adapted to receive the new accounting model. It was noticed also better positioning the counter on the companies command structure and an improved understanding of the importance of accounting for other areas of the companies, being supported by the employees of behavior change at all levels of the companies with greater interaction the departments. However there were no significant changes in the culture of corporations with the accounting harmonization process. Finally, in future studies it is recommended that a new search will be made to update the data and perception of cultural changes that take longer to happen
A aceitação dos países para a harmonização das normas contábeis internacionais com o padrão IFRS mudou a forma de apuração dos resultados das corporações em âmbito mundial. O processo de convergência transcendeu os limites técnicos contábeis e exigiu das empresas mudanças e adaptações que, de certa forma, modificaram a estrutura dos negócios e muitas vezes a gestão empresarial. O objetivo desse estudo é analisar as mudanças e adaptações ocorridas nas empresas emissoras de ADR no processo de implementação do IFRS, identificando os impactos técnicos contábeis, culturais e comportamentais nessas empresas. A estratégia de pesquisa foi conduzida por um estudo de caso múltiplo no qual foram analisadas, em profundidade, quatro grandes corporações que integram o programa de emissão de ADR na bolsa de Nova Iorque e que passaram pelo processo de harmonização com as normas internacionais de contabilidade. Para esse objetivo, foram realizadas entrevistas, análise documental e observações participantes. Foi possível constatar que o processo de convergência ao IFRS melhorou a qualidade na apuração dos resultados das empresas e facilitou a comparação dos resultados com os concorrentes. Os sistemas existentes antes da harmonização sofreram adaptações para receber o novo modelo contábil. Percebeu-se, também um melhor posicionamento do Contador na estrutura de comando das empresas e um aprimoramento no entendimento da importância da contabilidade por outras áreas das companhias, sendo respaldado pela mudança de comportamento dos colaboradores em todos os níveis das empresas com uma maior interação entre os departamentos. Contudo, não foram encontradas mudanças expressivas na cultura das corporações a partir do processo de harmonização contábil. Por fim, para estudos futuros recomenda-se a elaboração de uma nova pesquisa para atualizar os dados e perceber as mudanças culturais que demandam mais tempo para ser implantadas
Wang, Jing. "THREE ESSAYS ON PRICING AND VOLUME DISTRIBUTIONS OF CROSS-LISTED STOCKS." Cleveland State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=csu1421369950.
Full textWang, Chaoyan. "Securities trading in multiple markets : the Chinese perspective." Thesis, University of Stirling, 2009. http://hdl.handle.net/1893/2278.
Full textChan, Chia Wei, and 詹佳瑋. "Analysts Predict Behavior of American Depositary Receipts." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/19367465920589759128.
Full text長庚大學
工商管理學系
99
This paper investigates the relationship between analysts prediction behavior and American Depositary Receipts (ADRs) . In particular, we further to examine whether the analysts forecast revise in the recession period. We use pair-t technique to test the existence of optimistic analyst forecast and use multiple linear regression to identify the relationship between analysts forecast and ADRs return. We show analysts forecast bias usually exist over-optimistic prediction and the scale effect does not affect the ADRs regardless of the economic expansion or recession period. Therefore, we are unable to use the anomalies effect to defeat market. We also find that analyst usually more focus on the trend for future business growth than the price of securities has occurred. These finding doesn’t suggest that investors can capture the ADRs price market and obtain excess returns by analysts forecast. In general, while the analyst announce to their forecast will consider the other analysts report, but hold a more conservative attitude in the recession period.
Jerke, Maria Eva Marques. "Overreaction in American Depositary Receipts during the 21st century." Dissertação, 2020. https://hdl.handle.net/10216/133143.
Full textCheng, Yin-Man. "Nested Causality of American Depositary Receipts and Underlying Original Shares." 2004. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-2506200400095300.
Full textCheng, Yin-Man, and 鄭茵蔓. "Nested Causality of American Depositary Receipts and Underlying Original Shares." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/55321111106240067592.
Full text國立臺灣大學
財務金融學研究所
92
The main objective of this study is to examine the relation between ADRs and Taiwanese stocks is independency, contemporaneous relation, unidirectional relation, or feedback relation, which is defined by Granger (1969). Chen and Lee (1990) provided nested causality tests which apply multiple hypotheses testing procedure to identify the nature of the relationship between two financial series. There are three findings in our study. First, the final result of nested causality tests, feedback relations exist in Taiwan Semiconductor Manufacturing Co., United Microelectronics Corporation, AU Optronics Corporation, and Advanced Semiconductor Engineering Inc as well as unidirectional relations from ADRs to original shares in Macronix International Company Limited and Siliconware Precision Ind., Co. Ltd. as a result of different infrastructure in the NYSE and Nasdaq stock market. Second, in the cases of Macronix International Company Limited, and Siliconware Precision Ind., Co. Ltd. shows a unidirectional relation from ADRs to Taiwanese stocks. It’s plausible that different level of legal restriction, corporate governance, and requirement of foreign exchange, force companies engaged in cross-border listing to keep information transparency. The last is that past return of ADRs, are always significantly positive related to current return of Taiwanese stocks, then we can take this as a investment guide for buying Taiwanese stock by watching past performance of ADRs.
Eichler, Stefan. "Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts." Doctoral thesis, 2011. https://tud.qucosa.de/id/qucosa%3A25897.
Full text林彙傑. "The association among CEO’s overconfidence, earnings management and the issuance of American Depositary Receipts." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/31291491941690304065.
Full text國立政治大學
會計學系
104
The main purpose of this study is to examine whether the overconfident managers tend to issue American Depositary Receipts (ADRs), and whether the firms issuing ADRs tend to conduct earnings management. In this paper, I employ the rate of asset growth as the proxy to measure overconfidence of managers, and follow the methods by Zang (2012) to measure earnings management including real earnings management and accrual earnings management. In addition, single variables and combined variables are used to test real earnings management. The research samples consist of Chinese firms which released ADRs for the period 1993 - 2015. The empirical results show that Chinese firms with overconfident managers tend to issue ADRs, indicating they are willing to enter the competitive market. The results also show that Chinese firms which issue ADRs are less likely to conduct real earnings management and accrual earnings management.
Ya-TingYang and 楊雅婷. "Impact of Adopting Expanded Audit Report on Audit Quality and Audit Fee:Evidence from American Depositary Receipts." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/437p6k.
Full textLi, Chih-Hsiang, and 李智祥. "The Asymmetric Adjustment Relationships between the American Depositary Receipts and the Underlying Stocks - Evidence from BRICs." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/19274357768845636796.
Full text淡江大學
財務金融學系碩士班
94
This study investigates the interactive relationships between American depositary receipts (ADRs) and underlying stocks of companies in BRICs by employing the asymmetric threshold co-integration model. The empirical results indicate that there are co-integration relationships between ADRs and their underlying stocks of all examples, and it shows that they have co-movement trends in the long term. When there are threshold effects in the co-integration relationships, the adjustment speed of deviations will be faster with radical variations of long-run equilibrium deviations. Furthermore, most return ratios of ADRs or stocks also have asymmetric error correction effects. Quicker error correction processes will operate as the variations of error correction terms are in the extreme regime. We conclude from the findings that when the transaction costs or other expenses are considered, more arbitrage profits will attract the market investors to participate in the security trade when there are radical variations of long-run equilibrium deviations, and that will shorten the persistent time of deviations. Finally, both ADRs and underlying stocks have bidirectional shock spillover effects and volatility spillover ones. It also shows that long-run and short-run feedback causality relationships exist between ADRs and underlying stocks which reveal the insignificant phenomenon of market segmentation.
Ng, David Banking & Finance Australian School of Business UNSW. "Aspects of international corporate finance: initial public offerings (IPOs); American depositary receipts (ADRs); and stock analysts? recommendations." 2007. http://handle.unsw.edu.au/1959.4/40482.
Full textKuo, Chang-Ting, and 郭昶廷. "The Speed of Adjustment to Information:A Case on Listed Companies of Taiwan, China and American Depositary Receipts." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/81357031241750803751.
Full text國立臺北大學
國際企業研究所
97
This paper examines the speed of price adjustment in Taiwan, China stock market and American Depositary Receipts. We use a VAR model to show the interaction for stocks and American Depositary Receipts of Taiwan and China. The sample period of this study is from January, 2002 to December, 2008. The empirical results prove that two-way feedback relationship between stocks and ADRs of Taiwan, and we find the positive relationship between stocks and ADRs of China. Our analysis of firm characteristics suggests that the speed of stock price adjustment for Taiwan market is related to market value, while that for American market is related to turnover ratio. We also find asymmetric effects of returns on the speed of adjustment. Investors in Taiwan react more quickly to good news, while investors in America react identically to good news and bad news.
Hung, Yu-Fa, and 洪裕發. "The forecasts of American Depositary Receipts and its underlying stock– the Application of Threshold Error Correction Model." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/h8k4cf.
Full text銘傳大學
財務金融學系碩士班
94
In this study, we apply Threshold Error Correction Models to analyze the relationships between the American Depositary Receipts and their underlying stocks. We also evaluate the forecasting performance of comparitve models by bootstraping simulation. All ADRs included in this study are ASX, AUO, MXICY, SPIL, TSM and UMC over the period from the issuing date to Dec. 31, 2004. The results of this study show that all variables are interarted of degree one (I(1)) and those ADRs are integrated with this underlying securities. Since many financial and economic variables have non-linear characteristics, we utalize SupLM test to investigate the possibility that a threshold model provide a better explanation. We find that some data are suitable for TVECM. However, the same unknown cointegrating parameter vector in different regims for TVECM is an unnesserry assumption. Therefore, LTVECM model wich has regime-specific conintegarion vectors may be more suitable. Based on simulation and RMSFE evaluation measure, we find that some forcasting performances of LTVECM are better than TVECM and VECM. Finally, we estimate and analyze the data according to the model that is suitable for. We find evidences of regime-specific long-term relationships and asymmetric adjustments in some ADRs and their underlying stocks.
Huang, Shee-ling, and 黃旭伶. "A Study of Corporate Governace on the Earnings Quality and Financial Performance - American Depositary Receipts (ADR) Listed Companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/53076157281528106444.
Full text僑光科技大學
全球運籌管理研究所
98
The main purpose of this study is to explore the corporate governance impact upon earnings quality and financial performance with ADR listed companies of Taiwan and Hong Kong in Chinese community from 2004 to 2009, thus to verify the relationship of governance to earnings quality and financial performance. Examples’ data are collected from companies annual reports , CMONEY and TEJ(Taiwan Economical Journal). 81 companies’ data are sampled and analyzed to verify corporate governance impact upon earnings quality and financial performance. The empirical results are as follows: 1. corporate governance: The number of independent directors and board structure have a significantly positive correlation which means that the more are directors, the better is the board structure . Net cash flow of investment and the board structure also have a significantly positive correlation. Nevertheless, Net cash flow of financing and the board have a significantly negative correlation. These show that the investment and financing during sample period were significantly related to corporate governance. 2. earnings quality: Net cash flow of operation and financial performance have a non-significantly positive correlation during sample period. On the contrary, net cash flow of investment and net cash flow of financing are significantly related. 3. financial performance: The Board structure and directors’ shareholding ratio have a significantly positive correlation with the financial performance. The Board structure and asset returns have a significantly positive correlation. The better is the Board structure and the higher is directors’ shareholding ratio, the more is earnings per share.
Chen, JenShan, and 陳人山. "A Study of the Relationship between the American Depositary Receipts (ADR) and the Risk Factors of the Emerging Industrial Countries." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/73163770515067167618.
Full text大葉大學
管理學院碩士在職專班
100
This study focuses on the mutual relationship between the risk factors such as the United States interest rates, exchange rates, inflation, unemployment and the American Depositary Receipts of the emerging industrial countries (Taiwan, Hong Kong, China, South Korea, Singapore, India, Brazil, Mexico, Greece, and South Africa). To analyze the results, the researcher hopes to provide investors a reference when making investment decisions impact assessment, and also, enrich an academic research reference. The empirical results of this study are as follows: First, through causality test, the interest rate and South Korea's American Depositary Receipts are mutal interactive and the interaction has a very significant impact on the American Depositary Receipts between Taiwan and India. Furhtermore, through the co-integration test, the results indicate the existence of long-run equilibrium relationship and in the error correction model, the rate has negative impact on the American Depositary Receipts. Second, through causality test, the exchange rate leading Mexico's American depositary receipts, showing the exchange rate for the American Depositary Receipts in the emerging industrial countries has a certain influence on the American Depositary Receipts. Third, the inflation rate and the emerging industrial countries of the American Depositary Receipts has most leading trend or a two-way feedback relationship. It provides an effective forecast trends, and a long-run equilibrium relationship also exists. Therefore, this study provides a suggestion when investing the American Depositary Receipts, the rate of inflation could be put into a consideration. Besides, there is not a co-integration relationship between the inflation and the American Depositary Receipts in the emerging industrial countries in co-integration test. And in the error correction model, there remains a mostly negative impact between them. Fourth, the unemployment rate has a leading relationship on the India's American Depository Receipts, while in the co-integration test, these two factors acquire a long-run equilibrium relationship. Accordingly, the unemployment rate will lead to the impact of the American Depositary Receipts. Also,the unemployment rate has a postive correlation on the American Depositary Receipts in the emerging industrial countries in the error correction model.
Chen, Mei-ping, and 陳美嬪. "Two Essays on the Effects of Emerging Market Stocks Seasoned Equity Offerings on the Returns of Their American Depositary Receipts." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/31036352791379447063.
Full text國立雲林科技大學
管理研究所博士班
94
This dissertation consists of an introduction, two essays, and conclusions. It focuses on the impact of seasoned equity offerings (SEO) on the returns of the American Depositary Receipts (ADRs) of emerging Latin American (Argentina, Brazil, Chile, Mexico) and Asian nations (China, Korea, Indonesia, Taiwan). The first essay examines firm’s SEO announcement effects on ADRs. The author evaluate possible co-movement between ADRs, their parent stocks, local and US investor sentiments, as well its implications. It is found that investor sentiments and domestic stock co-move more with ADR post- than pre-SEO. Asian findings demonstrate that ADR price remarkably co-moves with domestic stock and local investor sentiment in full period. The Latin American results show that ADR price co-moves with local and US investor sentiment primarily post- rather than pre-SEO. Domestic stock SEO shock shows limited short-term dynamic interaction with a rapidly diminishing effect from financial innovation. To eliminate possible estimation errors, the second essay applies analysis for panel data—a random effects model to explore ADR accounting communication plus investors’ sentiments in the home and the host countries in influencing ADR return. It is found that domestic stock return plays a vital role in explaining ADR return in Latin American markets; whereas US investor sentiment plays a pivotal role in explaining ADR return in Asian markets. The dissertation finds that ADR EPS adjusted to US GAAP and local GAAP provide little information content in explaining ADR return in Latin American and Asian emerging market samples, both pre- and post-SEO. Thus, it may be preferable that accounting communication be replaced by accounting convergence.
Su, Li-Hui, and 蘇俐卉. "The effect of cross-listing on the cash holdings and the value of excess cash : Evidence from American Depositary Receipts." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/08147194410123036081.
Full text國立中興大學
財務金融學系所
102
Management of current assets in a company is an important issue for a company; therefore, the control of cash holding is a meaningful topic. Because it influences many aspects, it can become a company’s pros or cons seriously. Moreover, the problem derived from the agency problems is also an important issue in the corporate governance. Besides, after cross-listing in other countries, for a company, it is naturally considered to increase its international reputation and its information transparency; then, the company’s market value could be enhanced indirectly. Based on the previous points, this study examines whether a company issue its America depositary receipt or not can affect its value of cash holding and value of excess cash. In this study, we use the data of global companies which issued Level II and Level III’s America depositary receipt and their competitors as our samples. The results show that the relationship of whether a company is cross-listed and its proportion of cash holdings is negative, while market investors give discounts to company’s excess cash; however, discount rates of cross-listed companies are more than their competitors.
Tsung, Yu Huang, and 黃宗佑. "Dynamics Dependence of the Stock Return between Taiwan’s High Technology Firms and Their American Depositary Receipts – An Application of Copula Models." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/39404344447213435964.
Full text國立嘉義大學
應用經濟學系研究所
97
Volatility of the stock returns of American Depositary Receipt is lager than stock return of underlying security in Taiwan during financial tsunami. In order to discuss the dependence of stock returns between the company in Taiwan and its ADR for high-tech industrial firms, this paper uses many different Copula models (including Mixture Copula) to execute the empirical analysis. According to empirical results, Student’s t Copula is the best model to represent the dynamic relationship between two markets in TSM, SPIL, and UMC, indicating that two markets will not have high dependence under an extreme situation (Bull market or Bear market). Gumbel Copula is the best model to represent the dynamic relationship between two markets in ASX and AUO, showing that two markets will have high dependence under Bull market. In addition, the time-varying dynamics dependence is also examined. After financial tsunami, it seems to show structure changes. While, in previous studies, it shows that the correlation of the two markets rises substantially during financial crisis, we will see that the dependence decreases substantially in this article. It may be attributed to the stock market intervention, and reduction the range of stock price limits. According to the result of decreasing dependence, it seems to be useful in diversifying portfolio risk by using underlying security and its ADR during financial tsunami.
Su, Si-Yu, and 蘇斯妤. "Information demand and stock price linkage: Take the American depositary receipts of companies in Taiwan and Hong Kong as an example." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/mges82.
Full text國立交通大學
財務金融研究所
107
This study explores the issue between one company’s stock price in the local market and the price of the American depositary receipts in the United States (ADR), as well as the correlation among the local market price, ADR’s price and investor’s attention (measured by Search Volume Index, SVI) in Taiwan, Hong Kong and American markets, if there is lead-lag among these three issue factor. We find that: First, there is a strong positive relationship between the stock prices of companies listed in Taiwan or Hong Kong and their ADR prices. Second, SVI usually leads the response to the company's special events with the possibility of disclosure in advance, while investors usually lag behind the response to market events. Third, for the companies we studied, trading volume and volatility have a more significant impact on SVI. Especially, larger the company is and higher its reputation, the more concentrated its influence will be within four or five days after the event. Smaller the company size, lower the international visibility of the company, the more concentrated the impact in the first two days; Fourth, the attention of American investor has an impact on the attention of local investor.
Yang, Nien-Tzu, and 楊念慈. "Two essays on American depositary receipts: an analysis of the impact of cross-listing on price discounts and merge & acquisition activities." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/42ye5d.
Full text國立中興大學
財務金融學系所
102
This dissertation works on two issues related to American Depositary Receipts (ADRs): (1). Government policies or Investor sentiment? An reexamination of pricing dynamics of discounts between Chinese cross-listed stocks, and (2). American depositary receipts and merger activities. The first issue mainly explores price discounts of Chinese public listed companies which have issued ADRs (overseas shares in the U.S. market), H-shares (shares traded in the Hong Kong market) and A-shares (shares traded in the China market). We use time-varied panel data models to investigate the effect of different market share prices are influenced by China''s gradual economic transformation from a planned economy to a free market economy. We also conclude the price discounts dwindle due to the gradual transformation of the economic systems. Furthermore, the share price deviations in different markets should be deeply affected by the long-term centrally planned economy and financial policies of the Chinese government, and not like other countries, share prices are much influenced by share liquidity, investors sentiment and other factors. On the second issue, we finds that after ADRs were issued, the companies average abnormal return increased significantly, and the average abnormal returns generated through cross-border merger activities increased from 2.3% to 2.9% compared to before the issuance of ADRs. This is because the issuance of ADRs not only strengthens the level of supervision, and reduces the directors’ motives for their own self-interest during merger activities; it also reduces the costs caused by market segmentation and information asymmetry. The increase of abnormal return during merger activities will increase in sync with merger activities.
WU, YUAN CHIEH, and 吳淵傑. "The Research on the Information Transmission of Cross- Listing of Taiwan and American Stock Market — Evidence from Depositary Receipts of TSMC, MXIC and ASETEST." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/35120148660980267035.
Full text國立臺灣大學
商學研究所
89
In semiconductor industry, Taiwan companies have been the top leaders that most of them take OEM production. Consequently, more and more firms are seeking to issue ADR to raise funds. American investors thought that this event would bring large amount of foreign capital into Taiwan stock market. This article hopes to investigate the cross-listing impact on the volatility of Taiwan stock market and the effect of information transmission by using GARCH (1,1)- MA (1) model. Because the cross-listing impact is an abstract concept, this article uses the proxy that is relevant to foreign stock investment to represent this impact. The results are as follows: 1. Volatility spillover of stock market : (1) The GARCH models show that the price volatility of the stock market of the three firms increased under the cross-listing impact. (2) The GARCH models using the stock return rate of foreign stock market as proxy show that this proxy was positive correlated with the price volatility of TSMC. (3) The GARCH models using the variability of the stock return rate of foreign stock market as proxy show that the relationship between those two variables of MXIC and ASETEST was inconclusive. 2. Mean spillover of stock market : (1) The GARCH (1,1)- MA (1) models using the stock return rate of American or Taiwan stock market as proxy show the same results as previous models of TSMC. (2) The GARCH (1,1)- MA (1) models using the stock return rate of foreign stock market as proxy show that the cross-listing impact has little effect on the information transmission of MXIC and ASETEST.
Chen, De-Jyun, and 陳德峻. "A Comparative Study Of The Taiwan Depositary Receipts and America Depositary Receipts specification." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/60358657033779251844.
Full text南臺科技大學
財經法律研究所
104
Depositary receipts system as an indirect cross-border securities issued in recent years, many enterprises in order to raise funds as well as the trend toward international development, and carry out a fund-raising method, this method allows the enterprise itself has its international visibility. You can also reduce the cost of capital on a lot of uncertainty, investors can be purchase depositary receipts ways to overcome barriers to investment, therefore GDR in recent years by investors and distribution companies alike. Early Taiwan because of the need to raise in order to issue listed overseas to raise the required funds, Taiwan for the past few years of economic deregulation decree, open on both sides, making Taiwan one after another foreign issuer or send Taiwan listed, the issuer deposit depository receipts, but its lack of transparency and corporate information Depositary receipts happen many drawbacks, leading the TDR in stock prices, it is not ideal circulation, and even many companies apply for Depositary receipts under the city. National American Depositary Receipts issued for the world's first, as well as its economic freedom is more open, and in the Corporate Information legislation to expose part of the more progressive than other rule of law and transparency, it issued Depositary receipts to be safeguarded. Although Taiwan's reference ADRs regulations and system to regulate its regulations TDR, but the two countries develop backgrounds, different economic level, which led to US regulations norms and regulations can not be applied in our country, resulting in circulation less than ideal, and finally reuse Tingyi (Cayman Islands) Holding Corporation issued TSMC companies to compare their different Depositary receipts.
Ferreira, Ricardo Jorge Pereira. "Effects of cross-listing on corporate cash holdings: evidence from US cross-listings." Master's thesis, 2017. http://hdl.handle.net/1822/46486.
Full textThe impact of the decision to cross-list in the US on corporate cash holdings is a subject that has not deserved much attention by researchers. In this study, I analyse the changes in cash holdings post-cross-listing. Using a sample of 1954 American Depositary Receipts (ADRs) issued between 2000 and 2015 in the US by firms from 40 countries I obtain results that allow me to conclude that cash holdings increase after cross-listing for ADRs issued in a stock exchange. This result supports the bonding hypothesis, one of the theories that explains why firms decide to crosslist, which says that foreign firms are willing to adhere to strict legal and financial regulations in the US in order to benefit from higher visibility, a better financial and legal environment and improved market conditions in general. Since exchange-traded ADRs have stricter regulations in order to be issued, my results suggest that firms are indeed willing to commit to tighter rules so they can benefit from the access to the US market. In addition to this, I test if the effects of cross-listing are more noticeable in firms that come from countries with lower standards of corporate governance and development than the US, measured by investor protection, accounting standards, legal system and economic development. My results support the literature in this matter, since I find that firms that come from countries with worse conditions than the US benefit more from crosslisting, in particular in terms of cash holdings, the object of my study.
O impacto nas reservas de caixa da decisão das empresas de se listarem nos Estados Unidos da América é um tópico que até ao momento não mereceu grande atenção por parte dos investigadores. Neste estudo eu analiso as mudanças ocorridas em caixa e equivalentes após o cross-listing. Recorrendo a uma amostra de 1954 American Depositary Receipts (ADRs) emitidos entre 2000 e 2015 nos EUA por empresas de 40 países diferentes, eu obtenho resultados que me permitem concluir que as reservas de caixa aumentam após o cross-listing para empresas que emitiram ADRs numa das bolsas de valores americanas. Este resultado apoia a bonding hypothesis (hipótese de vinculação), uma das teorias que explica a decisão das empresas em se listarem nos EUA, e que postula que as empresas estrangeiras estão dispostas a aderir a exigentes regulamentos legais e financeiros de forma a poderem beneficiar de maior visibilidade, de um melhor ambiente económico, financeiro e legal e mais vantajosas condições de mercado no geral. Tendo em conta que os ADRs emitidos em bolsas de valores possuem regulamentações mais rigorosas, os meus resultados sugerem que as empresas estão efetivamente dispostas a comprometer-se com regras mais austeras de modo a beneficiar do acesso ao mercado dos EUA. Para além disto, eu testo se os efeitos do cross-listing são mais notórios em empresas que provêm de países com piores padrões de administração empresarial e desenvolvimento que os EUA, aspetos medidos através da proteção de investidores, padrões contabilísticos, sistema legal e desenvolvimento económico. Os meus resultados comprovam a literatura neste tema, uma vez que eu constato que empresas originárias de países com condições de mercado piores que os EUA beneficiam mais do cross-listing, em particular em termos de reservas de caixa, o objeto do meu estudo.
Wong, Yu-Jyuan, and 翁玉娟. "Banking Relationship and Underwriter Reputation on IPOs Underpricing – The Case of Global Depositary Receipt and American Depositary Receipt." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/76785829877372155415.
Full text中原大學
國際貿易研究所
94
This study examines the effects of pre-IPO banking relationships on a firm’s IPO. I test whether banking relationships established before the firm’s IPO ameliorate asymmetric information problems behind high IPO underpricing. In this study, underwriter type can be divided into two types – commercial bank and security company. And which underwriter type can lower the level of underpricing. Besides, we also examines the relationship between the underwriter reputation and IPO underpricing. We calculate the underwriter reputation developed by Megginson and Weiss (1991). This is calculated as the gross proceeds for an underwriter divided by total gross proceeds for the sample. Many papers about IPO underpricing, asymmetric information play an important role. Most of these papers think that asymmetric information exist among underwriter、issuing firms and investors. And this phenomenon induces the IPO underpricing. The level of underpricing is depend on the level of asymmetric information. The relationship between the level of underpricing and the degree of asymmetric information is positive.