ADR Issuance and the Capitalization of Firm-Specific Information

ADR Issuance and the Capitalization of Firm-Specific Information

碩士 === 元智大學 === 財務金融學系 === 95 === This study examines whether the issuance of ADR improves the information content of stock prices by testing the changes in idiosyncratic risk of local stocks in emerging markets. Firms with earlier ADR issuance (before 1999) are found to exhibit significant increase...

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Main Authors: Mei-Hui Lu, 盧美惠
Other Authors: 辛敬文
Format: Others
Language:en_US
Published: 2007
Online Access:http://ndltd.ncl.edu.tw/handle/07166746548776759872
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spelling ndltd-TW-095YZU053040072016-05-23T04:17:52Z http://ndltd.ncl.edu.tw/handle/07166746548776759872 ADR Issuance and the Capitalization of Firm-Specific Information 美國存託憑證發行與公司特有資訊訂價 Mei-Hui Lu 盧美惠 碩士 元智大學 財務金融學系 95 This study examines whether the issuance of ADR improves the information content of stock prices by testing the changes in idiosyncratic risk of local stocks in emerging markets. Firms with earlier ADR issuance (before 1999) are found to exhibit significant increases in idiosyncratic risk as a percentage of total risk. This result is consistent with the hypothesis of improved disclosure of firm-specific information. However, similar finding is not observed for those stocks with ADRs issued after 1999. This might be attributable to increased noise traders after the internet bubble. 辛敬文 2007 學位論文 ; thesis 39 en_US
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description 碩士 === 元智大學 === 財務金融學系 === 95 === This study examines whether the issuance of ADR improves the information content of stock prices by testing the changes in idiosyncratic risk of local stocks in emerging markets. Firms with earlier ADR issuance (before 1999) are found to exhibit significant increases in idiosyncratic risk as a percentage of total risk. This result is consistent with the hypothesis of improved disclosure of firm-specific information. However, similar finding is not observed for those stocks with ADRs issued after 1999. This might be attributable to increased noise traders after the internet bubble.
author2 辛敬文
author_facet 辛敬文
Mei-Hui Lu
盧美惠
author Mei-Hui Lu
盧美惠
spellingShingle Mei-Hui Lu
盧美惠
ADR Issuance and the Capitalization of Firm-Specific Information
author_sort Mei-Hui Lu
title ADR Issuance and the Capitalization of Firm-Specific Information
title_short ADR Issuance and the Capitalization of Firm-Specific Information
title_full ADR Issuance and the Capitalization of Firm-Specific Information
title_fullStr ADR Issuance and the Capitalization of Firm-Specific Information
title_full_unstemmed ADR Issuance and the Capitalization of Firm-Specific Information
title_sort adr issuance and the capitalization of firm-specific information
publishDate 2007
url http://ndltd.ncl.edu.tw/handle/07166746548776759872
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