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- Title
Market Impacts on ADR Returns - Revisited.
- Authors
Oi Lin Cheung
- Abstract
The non-synchronous trading hours might cause returns of ADRs affected differently by the US market and their home markets. Using 86 ADRs maintained by companies of 16 countries, it is found that the one-day lag (same day) US market night (day) returns and the day and night returns of the home market of the same day all have a significant impact on the ADR day returns. The same day US market day and night returns, the same day (one-day lead) home market night (day) returns all bear a significant impact on the ADR night returns.
- Subjects
UNITED States; AMERICAN depository receipts; STOCK exchanges; MARKET share; FOREIGN exchange accounting; FOREIGN exchange administration
- Publication
Journal of Accounting & Finance (2158-3625), 2014, Vol 14, Issue 5, p60
- ISSN
2158-3625
- Publication type
Article