Journal articles: 'American depositary receipts'

1

Ely, David, and Mehdi Salehizadeh. "American depositary receipts." International Review of Financial Analysis 10, no. 4 (December 2001): 343–63. http://dx.doi.org/10.1016/s1057-5219(01)00058-8.

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Gande, Amar. "American Depositary Receipts: Overview and Literature Survey." Financial Markets, Institutions and Instruments 6, no. 5 (December 1997): 61–83. http://dx.doi.org/10.1111/1468-0416.00016.

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Kalra, Rajiv. "Return Behavior and Pricing of American Depositary Receipts." CFA Digest 30, no. 3 (August 2000): 67–68. http://dx.doi.org/10.2469/dig.v30.n3.730.

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Fang, Hsing, and Jean C. H. Loo. "Pricing of American Depositary Receipts under Market Segmentation." Global Finance Journal 13, no. 2 (January 2002): 237–52. http://dx.doi.org/10.1016/s1044-0283(02)00044-3.

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Kumar Patro, Dilip. "Return behavior and pricing of American depositary receipts." Journal of International Financial Markets, Institutions and Money 10, no. 1 (January 2000): 43–67. http://dx.doi.org/10.1016/s1042-4431(99)00024-4.

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Bacha, Obiyathulla Ismath, Norhazlina Ibrahim, and Mansor H. Ibrahim. "International Financial Integration through Depositary Receipts (DRs)." Journal of Accounting and Finance in Emerging Economies 6, no. 1 (March 31, 2020): 301–22. http://dx.doi.org/10.26710/jafee.v6i1.1085.

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The issue of liquidity and underdevelopment of the Organisation of Islamic Cooperation (OIC) stock markets has caused problems to companies in those countries that seek higher equity capital. One way out of this problem is to employ international markets more intensively by seeking cheaper cost of capital through Depositary Receipts (DRs). Many studies on DRs focused on emerging and developed countries, leaving many OIC countries behind. Thus, this study investigates the financial implication by examining the integration of returns of local and foreign stock markets via American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of OIC countries. Techniques employed in this study are cointegration and the speed of adjustments to examine the existence of integration between the local and foreign stock markets. The study covers a sample of 146 firms from 17 OIC countries that are cross-listed as ADRs or GDRs from 1992 to 2011. The findings show mixed results when some markets provide evidence of integration while others show evidence of segmentation. The study on the integration between DR and home equity markets has practical implications for both the international as well as domestic investors especially on portfolio selection, asset pricing and risk management

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Sackley, William H. "American Depositary Receipts: An Analysis of International Stock Price Movements." CFA Digest 32, no. 3 (August 2002): 66–67. http://dx.doi.org/10.2469/dig.v32.n3.1126.

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Choi, Yoon K., and Dong-soon Kim. "Determinants of American Depositary Receipts and their underlying stock returns." International Review of Financial Analysis 9, no. 4 (December 2000): 351–68. http://dx.doi.org/10.1016/s1057-5219(00)00041-7.

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Chen, Haiqiang, “Paul” Moon Sub Choi, and Hyunseob Kim. "American depositary receipts: Asia–Pacific evidence on convergence and dynamics." Journal of Multinational Financial Management 18, no. 4 (October 2008): 346–68. http://dx.doi.org/10.1016/j.mulfin.2007.12.004.

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Brockman, Paul, and Grace Qing Hao. "SHORT SELLING AND PRICE DISCOVERY: EVIDENCE FROM AMERICAN DEPOSITARY RECEIPTS." Journal of Financial Research 34, no. 4 (December 2011): 569–88. http://dx.doi.org/10.1111/j.1475-6803.2011.01302.x.

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Roevekamp, Ingmar. "US monetary policy and the pricing of American Depositary Receipts." Finance Research Letters 29 (June 2019): 418–24. http://dx.doi.org/10.1016/j.frl.2019.01.006.

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12

Eichler, Stefan. "Limited investor attention and the mispricing of American Depositary Receipts." Economics Letters 115, no. 3 (June 2012): 490–92. http://dx.doi.org/10.1016/j.econlet.2011.12.111.

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Chen, Hsuan-Chi, Larry Fauver, and Pei-Ching Yang. "What do investment banks charge to underwrite American Depositary Receipts?" Journal of Banking & Finance 33, no. 4 (April 2009): 609–18. http://dx.doi.org/10.1016/j.jbankfin.2008.12.004.

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Diro Ejara, Demissew, and Chinmoy Ghosh. "Underpricing and aftermarket performance of American depositary receipts (ADR) IPOs." Journal of Banking & Finance 28, no. 12 (December 2004): 3151–86. http://dx.doi.org/10.1016/j.jbankfin.2004.05.006.

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Korth, Christopher, and Ajay Samant. "American depositary receipts (ADRs) from Latin-America: an opportunity for American investors." International Journal of Public Administration 23, no. 5-8 (January 2000): 1209–28. http://dx.doi.org/10.1080/01900690008525498.

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Kumar, Manoj, L. M. Bhole, and Shahrokh M. Saudagaran. "The Impact of International Listings on Liquidity: Evidence from the Indian Stock Market." Vikalpa: The Journal for Decision Makers 26, no. 4 (October 2001): 35–50. http://dx.doi.org/10.1177/0256090920010404.

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Between May 1992 and June 2001, 72 Indian companies tapped the international capital markets with their equity offerings in form of Depositary Receipts (DRs). Initially, most of these programmes were in the form of Global Depositary Receipts (GDRs) and were traded on London and Luxembourg stock exchanges. Since 1999, many Indian companies have been listing their American Depositary Receipts (ADRs) on the US stock exchanges. Home market responses to issuance of DRs are of interest to the policy makers, investors, market intermediaries, CFOs, and finance scholars. Policy makers m emerging markets are increasingly concerned about the consequences for the domestic equity market when companies list stocks abroad. The present paper assesses the impact of listing of ADRs/GDRs on the liquidity of the firm's underlying domestic shares by using a sample of 30 Indian DR programmes that listed on the foreign markets between 1st January, 1996 and 30th June, 2001. Consistent with the theoretical assertions and results of Domowitz, Glen and Madhavan (1998), the authors record mixed results — while ADR listings in most cases reduce the liquidity of the domestic underlying shares, GDR listings in most cases increase the liquidity of the domestic underlying shares.

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Chung, Kee H., and Hao Zhang. "Insider Trading Regulation and Market Quality: Evidence from American Depositary Receipts." Asia-Pacific Journal of Financial Studies 39, no. 3 (June 2010): 340–60. http://dx.doi.org/10.1111/j.2041-6156.2010.01013.x.

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Webb, Shelly E., Dennis T. Officer, and Bryan E. Boyd. "AN EXAMINATION OF INTERNATIONAL EQUITY MARKETS USING AMERICAN DEPOSITARY RECEIPTS (ADRs)." Journal of Business Finance & Accounting 22, no. 3 (April 1995): 415–30. http://dx.doi.org/10.1111/j.1468-5957.1995.tb00882.x.

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Henry, Elaine, Stephen W. Lin, and Ya-wen Yang. "Weak Signal: Evidence of IFRS and U.S. GAAP Convergence from Nokia's 20-F Reconciliations." Issues in Accounting Education 22, no. 4 (November 1, 2007): 709–20. http://dx.doi.org/10.2308/iace.2007.22.4.709.

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This case examines convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP from the perspective of a single company over a 13year period. Nokia, whose American Depositary Receipts (ADRs) have been traded on the NYSE since 1994, offers you an opportunity to examine the accounting differences under the two sets of accounting standards and their convergence over time.

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Charitou, Andreas, and Christodoulos Louca. "Cross-Listing and Operating Performance: Evidence from Exchange-Listed American Depositary Receipts." Journal of Business Finance & Accounting 36, no. 1-2 (January 2009): 99–129. http://dx.doi.org/10.1111/j.1468-5957.2009.02123.x.

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Samant, Ajay, and Christopher Korth. "American Depositary Receipts: The Performance of ADRs from the Asia-Pacific Region." Journal of Asia-Pacific Business 2, no. 3 (June 15, 1999): 3–21. http://dx.doi.org/10.1300/j098v02n03_02.

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22

Moel, Alberto. "The Role of American Depositary Receipts in the Development of Emerging Markets." Economía 2, no. 1 (2001): 209–57. http://dx.doi.org/10.1353/eco.2001.0014.

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Young, Weiju, and Chun-An Li. "Price transmission between stocks of European countries and their American depositary receipts." Applied Financial Economics 21, no. 11 (February 23, 2011): 825–35. http://dx.doi.org/10.1080/09603107.2010.537633.

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Hales, Alma D. "Liquidity and price discovery in Latin America: evidence from American depositary receipts." Journal of Economics and Finance 39, no. 4 (August 28, 2013): 661–78. http://dx.doi.org/10.1007/s12197-013-9270-2.

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25

Chan, Kam C., and Annie Wong. "Changes In Stock Returns And Trading Volume Of American Depositary Receipts Around Their U.S. Stock Exchange Listing Switches." Journal of Applied Business Research (JABR) 28, no. 6 (October 26, 2012): 1445. http://dx.doi.org/10.19030/jabr.v28i6.7353.

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This study examines the change in stock returns and trading volume of American Depositary Receipts when foreign firms switched their listings from a major U.S. stock exchange to a more prestigious U.S. stock exchange; namely from the NASDAQ or American Stock Exchange to the New York Stock Exchange or from the American Stock Exchange to the NASDAQ since year 2000. We find that the stock returns of these American Depositary Receipts changed from better-than-market performance before the listing changes to just market performance after the listing changes. This evidence is consistent with a timing behavior of the management. We also find significant increase in their trading volume after the listing changes. This leads us to conclude that switching to a more prestigious stock exchange was able to create more investor interest.

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Alaganar, V. T., and Ramaprasad Bhar. "Diversification gains from American depositary receipts and foreign equities: evidence from Australian stocks." Journal of International Financial Markets, Institutions and Money 11, no. 1 (March 2001): 97–113. http://dx.doi.org/10.1016/s1042-4431(00)00038-x.

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Karolyi, G. Andrew. "The Role of American Depositary Receipts in the Development of Emerging Equity Markets." Review of Economics and Statistics 86, no. 3 (August 2004): 670–90. http://dx.doi.org/10.1162/0034653041811699.

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Yacsahuache Pasapera, Hernán. "MECANISMO DE FUNCIONAMIENTO DE LOS ADR (AMERICAN DEPOSITARY RECEIPTS) EN EL MERCADO FINANCIERO NORTEAMERICANO." Quipukamayoc 13, no. 25 (March 16, 2014): 47. http://dx.doi.org/10.15381/quipu.v13i25.5413.

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A mediados del año 1993 surgió el interés de algunas empresas de gran envergadura en el país, inscritas en la Bolsa de Valores de Lima, por emitir ADR para acceder al mercado financiero norteamericano, motivando que el 21 de diciembre del año 1993, la CONASEV: publique la resolución 358-93-EF/ 94.10.0 normando la información que deben presentar las empresas que efectúen programas de ADR, la misma que recogió experiencias latinoamericanas. Esta reglamentación facilita que se internacionalice más el mercado peruano, que se dé a conocer mucho más en el exterior; pero, dado el tiempo transcurrido, muy pocas son las empresas peruanas que han entrado en los programas de ADR. Es por ello el interés de divulgar este tema a los ejecutivos y funcionarios de las empresas del país como una fuente de financiamiento para sus proyectos de inversión y, desde luego, internacionalizar la empresa a través del mercado financiero norteamericano. Es bueno mencionar, que el universo de empresas en nuestro país que podrán optar esta fuente de financiamiento es muy reducido, teniendo en cuenta que la capitalización mínima requerida de 100 millones de dólares apenas la ostentan alrededor de 15 empresas inscritas en la Bolsa de Valores.

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Aquino, Katty Pérez, and Sunil Poshakwale. "Price determinants of American Depositary Receipts (ADR): a cross-sectional analysis of panel data." Applied Financial Economics 16, no. 16 (November 2006): 1225–37. http://dx.doi.org/10.1080/09603100500447503.

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Pan, Lee-Hsien, Shuo Chen, Chieh-Chung Wu, and K. C. Chen. "Corporate Governance and Firm Performance: Evidence From the ADRs of Tiger Cub Economies." International Journal of Accounting and Financial Reporting 9, no. 1 (January 3, 2019): 432. http://dx.doi.org/10.5296/ijafr.v9i1.14578.

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This paper examines the effects of cross listing and Sarbanes-Oxley Act (SOX) on corporate governance and firm performance of the cross-listed firms from four Tiger Cub Economics: Indonesia, Malaysia, Philippines, and Thailand. We find that these non-U.S. firms that list their shares as American Depositary Receipts (ADRs) experience an improvement in corporate governance and a decrease in firm performance after issuing ADRs in the U.S. However, SOX appears to be effective in enhancing firm performance for these ADRs, though it has little impact on improving corporate governance.

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Bae, Sung C., Taek Ho Kwon, and Mingsheng Li. "Foreign exchange rate exposure and risk premium in international investments: Evidence from American depositary receipts." Journal of Multinational Financial Management 18, no. 2 (April 2008): 165–79. http://dx.doi.org/10.1016/j.mulfin.2007.07.001.

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32

Kim, Oksana, and Matt Pinnuck. "Competition among exchanges through simplified disclosure requirements: evidence from the American and Global Depositary Receipts." Accounting and Business Research 44, no. 1 (December 7, 2013): 1–40. http://dx.doi.org/10.1080/00014788.2013.849193.

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Errunza, Vihang, and Hai Ta. "The Impact of Investability on Asset Valuation." Journal of Financial and Quantitative Analysis 50, no. 5 (October 2015): 1135–63. http://dx.doi.org/10.1017/s002210901500037x.

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AbstractWe develop an international asset pricing model to measure the impact of investability constraints on asset pricing. For a sample of 18 emerging markets, we use Standard & Poor’s investable weight factor (IWF) to show a 26.33% reduction in the cost of equity capital when non-investable firms become partially investable, with a further 12.51% reduction when partially investable firms become unrestricted. We demonstrate the generality and usefulness of the IWF by examining stocks with global/American depositary receipts and foreign institutional holdings as alternate investability proxies. Our results provide strong evidence of the economic benefits of market liberalization policies.

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34

Dasgupta, Sudipto, Jie Gan, and Ning Gao. "Transparency, Price Informativeness, and Stock Return Synchronicity: Theory and Evidence." Journal of Financial and Quantitative Analysis 45, no. 5 (August 20, 2010): 1189–220. http://dx.doi.org/10.1017/s0022109010000505.

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AbstractThis paper argues that, contrary to the conventional wisdom, stock return synchronicity (or R2) can increase when transparency improves. In a simple model, we show that, in more transparent environments, stock prices should be more informative about future events. Consequently, when the events actually happen in the future, there should be less “surprise” (i.e., less new information is impounded into the stock price). Thus a more informative stock price today means higher return synchronicity in the future. We find empirical support for our theoretical predictions in 3 settings: namely, firm age, seasoned equity offerings (SEOs), and listing of American Depositary Receipts (ADRs).

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Hsu, Junming, and Li-Hwei Tsai. "An Investigation on Information Transmission Between Stocks of Far Eastern Countries and Their American Depositary Receipts." Emerging Markets Finance and Trade 44, no. 4 (July 2008): 40–61. http://dx.doi.org/10.2753/ree1540-496x440404.

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FERREIRA, FELIPE RAMOS, DIEGO CAMPANA FIOROT, FABIO YOSHIO SUGURI MOTOKI, and NADIA CARDOSO MOREIRA. "EVIDENCIAÇÃO VOLUNTÁRIA: ANÁLISE EMPÍRICA SOBRE O TOM USADO EM AUDIOCONFERÊNCIAS." Revista de Administração de Empresas 59, no. 4 (August 2019): 271–83. http://dx.doi.org/10.1590/s0034-759020190405.

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RESUMO O objetivo desta pesquisa é realizar duas análises relacionadas à compreensão dos efeitos de uma evidenciação voluntária. Primeiro, analisar se o desempenho da empresa apresenta relação com o tom verbal da divulgação voluntária de uma audioconferência. Segundo, analisar se o tom verbal de divulgações voluntárias está relacionado com os resultados de empresas brasileiras no tempo futuro. Para aferição do tom verbal, foi realizada uma análise de conteúdo computadorizada sobre os arquivos transcritos referentes às audioconferências de empresas brasileiras com American Depositary Receipts (ADRs) no mercado americano entre os anos de 2002 e 2016. Para o cálculo do tom do gestor, foi utilizado o dicionário de Loughran e McDonald (2011), em inglês e uma versão adaptada para português. As evidências encontradas sugerem uma relação positiva entre o tom verbal utilizado pelos gestores durante as ligações de audioconferênciase o desempenho atual e futuro da empresa.

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Nicoli Junior, Jandir, and Bruno Funchal. "O efeito da diversificação corporativa na estrutura de capital das firmas brasileiras." Revista Contabilidade & Finanças 24, no. 62 (August 2013): 154–61. http://dx.doi.org/10.1590/s1519-70772013000200006.

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Este trabalho tem por objetivo verificar se a diversificação corporativa aumenta a capacidade de endividamento das firmas brasileiras por meio do cross-pledging. Utilizando o modelo de dados em painel, estimamos a relação entre alavancagem e o grau de diversificação corporativa usando uma amostra de empresas listadas na Bolsa de Valores de São Paulo (Bovespa) entre 2009 e 2011 e utilizando empresas brasileiras com acesso ao mercado internacional através de American Depositary Receipts (ADRs) no período de 2003 a 2011. Por meio dos testes empíricos, encontramos a não relação entre diversificação e endividamento em ambas as amostras, indicando que a estratégia de diversificação corporativa das empresas não deve ser utilizada como estratégia de expansão de sua capacidade de financiamento.

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Chen, Mei-ping, Chien-Chiang Lee, and Yi-Chung Hsu. "The impact of American depositary receipts on the Japanese index: Do industry effect and size effect matter?" Economic Modelling 28, no. 1-2 (January 2011): 526–39. http://dx.doi.org/10.1016/j.econmod.2010.07.001.

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39

Ghosh, Aloke (Al), Elisabeth Peltier, and Cunyu Xing. "Audit Quality of Chinese ADR Engagements." Accounting Horizons 31, no. 2 (November 1, 2016): 25–43. http://dx.doi.org/10.2308/acch-51646.

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SYNOPSIS The controversy over Chinese reverse mergers has led to concerns about the audit quality of all U.S.-listed Chinese companies. Because a sizeable number of foreign firms cross-list their shares as American Depositary Receipts (ADRs) issued by U.S. depositary banks (as opposed to direct listings), we study how auditors have managed their audits of Chinese ADRs. Our motivation for examining Chinese ADRs is based on the findings that cross-listing via the ADR process is beneficial for U.S. shareholders. We find that relative to ADRs from countries other than China, and relative to directly listed Chinese companies, Chinese ADRs are more likely to be associated with a Big 4 auditor and are less likely to restate prior-period financial statements. We also find that Chinese ADRs pay significantly higher fees than other emerging market ADRs and Chinese direct-listings. Collectively, these results suggest high audit quality for Chinese ADRs, which is in sharp contrast to the Chinese direct-listing results. Using Tobin's Q as a measure of market value, we find that the stock market rewards Chinese ADRs, indicating that investors incorporate the benefits of higher audit quality when evaluating Chinese ADRs.

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Carvalhal, Andre, and Luiz Souza. "Private equity and corporate governance in Brazil." Corporate Ownership and Control 12, no. 1 (2014): 187–92. http://dx.doi.org/10.22495/cocv12i1c1p4.

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This work studies how the activism of institutional investors, specifically private equity funds, influences the development of corporate governance in Brazil. We analyze the control and ownership structure of Brazilian publicly listed companies in order to identify the presence of private equity funds as shareholders. Corporate governance is evaluated through three alternative proxies: a broad governance index, listing on Novo Mercado and presence of American Depositary Receipts (ADRs). Our results indicate a positive influence of private equity funds on the quality of corporate governance practices in Brazil. Firms with private equity tend to have better governance index, and list more on Novo Mercado. There is a moderate relation between the stake of private equity in a company and ADR listing

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Lobato, Manuel, Javier Rodriguez, and Herminio Romero. "Innovation and market liquidity: the case of ADRs." European Business Review 32, no. 4 (May 6, 2020): 633–41. http://dx.doi.org/10.1108/ebr-10-2019-0260.

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Purpose Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities from foreign firms, given the asymmetric information and adverse selection risk they face. This study aims to examine the patenting activities in the USA performed by non-US companies that trade as American Depositary Receipts (ADRs) in US stock markets. Design/methodology/approach The authors examine the effect on the trading volume of a sample of ADRs following the publication of their first patent in the USA. Findings The results show that the publication of a first patent has no effect on the liquidity of these ADRs when compared with same-country ADRs without patents. Originality/value This study enriches the literature on the relation between innovation, information and the stock market.

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Singh, Aditi, and Madhumita Chakraborty. "Examining Efficiencies of Indian ADRs and their Underlying Stocks." Global Business Review 18, no. 1 (January 25, 2017): 144–62. http://dx.doi.org/10.1177/0972150916666948.

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In this article, the efficient market hypothesis (EMH) is tested for US and Indian stock markets and Indian American depositary receipts (ADRs) and their underlying stocks. The approach used to observe changing market efficiency is time-varying Hurst exponent. The Hurst values have been calculated after filtering the financial asset return series for short-term dependence and volatility. Rolling window approach has been used to calculate Hurst exponent and observe time-varying long-range dependence. The data are filtered by autoregressive-generalized autoregressive conditional heteroscedasticity (AR-GARCH) method. The empirical results suggest that US stock market is more efficient than Indian stock market. All the ADRs, their underlying stocks and markets of both the countries have shown varying efficiency. The change in efficiency of Indian ADRs is more when compared to their underlying stocks, which suggests that stock of a company listed on stock indices of different countries may show different pace of evolution of efficiency depending on maturity of the market.

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Yang, Ming Jing. "Risk-Return Dynamics of Cross-listed Stocks." Accounting and Finance Research 6, no. 4 (October 25, 2017): 294. http://dx.doi.org/10.5430/afr.v6n4p294.

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Since US has been playing a leading role in global economy and technology, any major price changes in the American stock market may affect other stock markets worldwide. The American Depositary Receipts (ADRs), being the substitutes for the foreign securities, provide American investors with appealing investment opportunities to form international portfolios and to achieve the international diversification benefits. These stocks cross-listed on different exchanges not only assist corporations in raising capital abroad, but also provide a better channel for firms to search for price efficiency across the international capital markets. Consequently, the objective of this study is to examine the risk and return dynamics between ADRs and their underlying securities. The empirical results of this study indicate that the mean and volatility spillover effects and information transmission between ADRs and their underlying securities are bi-directional for the Taiwanese securities, but uni-directional (from the underlying securities to their ADRs) for the Chinese securities. Furthermore, while the international center hypothesis and the home bias hypothesis are both supported for the Taiwanese securities cross-listed in US stock markets, this study also provides evidence more in favor of the home bias hypothesis for the Chinese ADRs and their underlying securities.

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Vichitsarawong, Thanyaluk, and Li Li Eng. "Financial Crisis and Earnings Management Under U.S. GAAP and IFRS." Review of Pacific Basin Financial Markets and Policies 23, no. 02 (June 2020): 2050015. http://dx.doi.org/10.1142/s0219091520500150.

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This paper examines the effects of the global financial crisis of 2008 on real and accrual-based earnings management activities of foreign companies listed in the United States as American Depositary Receipts (ADRs). The ADR firms are classified according to whether they report under U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Accrual-based earnings management is measured using the absolute value of performance-matched discretionary accruals. We also use the positive and negative values of performance-matched discretionary accruals to examine income-increasing and income-decreasing earnings management, respectively. Real earnings management proxies are measured using performance-matched measures of the abnormal levels of cash flow from operations, production costs, and discretionary expenses. In summary, our findings indicate no difference in accrual-based earnings management for ADRs reporting under IFRS and U.S. GAAP but suggest that ADRs reporting under IFRS are more likely to manage earnings using income-decreasing discretionary accruals and aggregate real earnings management than ADRs reporting under U.S. GAAP during the financial crisis.

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Kawamoto, Claudio Akira, and Carlos Tadao Kawamoto. "Cointegração e descoberta de preços de ADR brasileiros." Revista de Administração Contemporânea 13, no. 2 (June 2009): 272–90. http://dx.doi.org/10.1590/s1415-65552009000200007.

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Este trabalho examina a formação dos preços de papéis brasileiros negociados na New York Stock Exchange [NYSE] através de American Depositary Receipts [ADRs]. Verificou-se se os preços dos pares ação-ADR possuem tendência comum de longo prazo, isto é, se suas séries cointegram e, além disso, quantificou-se a contribuição de cada ativo (ADR e ação) na formação do preço de longo prazo através da razão de ajustamento proposta por Eun e Sabherwal (2003). Complementando o trabalho de Sanvicente (1998), que analisou a integração entre os índices Ibovespa e Dow Jones, este trabalho examina a hipótese de integração, utilizando dados desagregados, com uma amostra de 32 papéis, que perfaziam conjuntamente mais de 67% do volume da bolsa brasileira, e seus respectivos ADRs, no período de fevereiro de 1999 a junho de 2006. Os resultados apontam que em apenas 15 pares há uma tendência de longo prazo comum entre a ação e sua ADR; em apenas 2 pares os parâmetros do modelo de correção de erros (VECM) são estatisticamente significantes, indicando que para somente 6,25% da amostra os ajustes necessários para a manutenção de um equilíbrio de longo prazo ocorrem em ambos os mercados.

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Bora, Ivani Mausumi, and Manoj Kumar. "Long Term Dynamics of Indian ADRs Market: The Case of Persistence and Irregular Cycles." Accounting and Finance Research 6, no. 2 (March 22, 2017): 71. http://dx.doi.org/10.5430/afr.v6n2p71.

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The focus of this study is to understand the previously ignored return generating dynamics of American Depositary Receipts (ADR) markets. The main objective of this study is to investigate the nature of the return generating process of the Indian ADRs market. Specifically, the study addresses following interrelated research questions: Do returns series of Indian ADRs market exhibit random walk behavior or rather depict persistence and nonlinear dynamics? Is there any cyclicity in the returns series of Indian ADRs market? Rescaled Range (R/S) method on daily and weekly return series of Bank of the New York Mellon Indian ADR index (BKIN) from 2002 to 2016 has been applied to address the above questions. Empirical findings revealed that returns series of Indian ADRs market: (a) do not exhibit random walk behavior and rather depict both nonlinear behavior and persistence (long range dependence); (b) possess non-periodic cycles of 0.793, 2.38 and approximately 7 years. The findings can work as crucial inputs to forecasting, risk-management and market regulation processes. The knowledge of the average cycle length and persistence will enhance preparedness to handle the opportunities and risks at all levels in the market.

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Davis-Friday, Paquita Y., and Juan M. Rivera. "Inflation Accounting and 20-F Disclosures: Evidence from Mexico." Accounting Horizons 14, no. 2 (June 1, 2000): 113–35. http://dx.doi.org/10.2308/acch.2000.14.2.113.

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This paper analyzes features of the Mexican accounting model and describes the effect of the accounting differences between Mexico and the U.S. on the relation between equity prices and accounting information reported in the two countries. The influence of U.S. accounting in Mexico is evident in several areas, partly due to the presence of numerous affiliates of U.S. multinational corporations, and also due to the prominence of local representatives of the Big 5 international accounting firms. Still, the Mexican accounting and reporting model addresses special issues—such as inflation accounting—in a manner different from that of the U.S. Using the population of Mexican firms listed on U.S. exchanges as American Depositary Receipts (ADRs), we assess the relationship between Mexican ADR prices and Mexican vs. U.S. GAAP earnings and equity. We find that although Mexican ADR firms are not required to reconcile their inflation accounting to U.S. GAAP, ADR prices are significantly related to Mexican GAAP net income. However, we find no significant relation between the ADR price and net income and equity reconciliations from Mexican to U.S. GAAP. Our results call into question once again the validity and usefulness of the SEC's required reconciliations to U.S. GAAP.

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Lourenço, Isabel Costa, Alex Rathke, Verônica Santana, and Manuel Castelo Branco. "Corruption and earnings management in developed and emerging countries." Corporate Governance: The International Journal of Business in Society 18, no. 1 (February 5, 2018): 35–51. http://dx.doi.org/10.1108/cg-12-2016-0226.

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Purpose The purpose of this study is to examine whether firms from countries presenting higher levels of corruption are more likely to have higher levels of earnings management than their counterparts from countries with lower levels of corruption. It also explicitly examines how this relationship compares between emerging and developed economies. Design/methodology/approach Using multiple regression analysis, this study tests the hypothesis of positive association between the countries’ level of corruption and the level of earnings management using a sample of foreign firms with American Depositary Receipts in the US market. Findings Findings indicate that higher corruption perception is related to higher incentives for firms to manipulate earnings in the case of emerging countries. Such results are not identified in developed countries where the level of minority investors’ protection is higher. Findings also indicate that in developed countries earnings management is negatively related to investor protection, which is not the case for emerging countries. Originality value As far as the authors are aware, this study is the first to examine the effects of corruption on earnings management on the basis of accounting firm-level data.

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Kang, Tony. "Properties of accounting earnings associated with legal regime and the relative value-relevance of earnings, dividends and cash flows: evidence from American depositary receipts." International Journal of Accounting, Auditing and Performance Evaluation 2, no. 1/2 (2005): 140. http://dx.doi.org/10.1504/ijaape.2005.006896.

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JUN, AELEE, V. T. ALAGANAR, GRAHAM PARTINGTON, and MAX STEVENSON. "Price and Volume Behavior around the Ex-dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks*." International Review of Finance 8, no. 1-2 (March 2008): 21–55. http://dx.doi.org/10.1111/j.1468-2443.2008.00073.x.

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Journal articles on the topic 'American depositary receipts'

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