Date of Award
Master of Science (MS)
Economics and Finance
This study examines the relationship between financial development in a particular country and the volatility and illiquidity of ADR’s cross-listed on American exchanges, that correspond to the particular home country. Tests show that financial development and illiquidity are inversely related, thus, financial development improves liquidity and reduces volatility. The results have important implications for individual investors, firms seeking to lower their cost of capital, and the economic well-being of countries in general.
DeCamp, Jed, "Financial Development and the Liquidity of Cross-Listed Stocks; The Case of ADR's" (2017). All Graduate Plan B and other Reports. 963.
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