Date of Award

2013

Degree Type

Thesis

Degree Name

Master of Science (MS)

Department

Economics and Finance

Abstract

By calculating cumulative abnormal returns immediately after the new ADR issues, this paper analyzes the markets’ feedback to the issues and finds that the issues positively impact the performance of foreign firms. With the continually internationalization of securities, ADRs, especially those from developing countries, provide advantages that might surpass other types of foreign investments and have become more popular and attractive to American investors.

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