Date of Award


Degree Type


Degree Name

Master of Science (MS)


Economics and Finance

First Advisor

Tyler J. Brough


The objective of this study is to re-investigate the relationship between macroeconomic factors and the price stability of individual securities by using an American Depositary Receipts (ADRs) sample. Instead of using a large sample of 327 ADRs in Blau, Brough, and Thomas’ (2013) study, I focused on a panel data of 150 ADRs from 30 countries over the 2003-2007 period. Empirical evidence is provided to support whether economic freedom in the ADR home country reduces ADR volatility. In this replication study, the analysis is conducted within the pooled ordinary least square as the method of estimation. The findings show that economic freedom does have significant impact on ADR volatility.