Please use this identifier to cite or link to this item: https://ptsldigital.ukm.my/jspui/handle/123456789/639689
Title: ADRs and U.S. market sentiment
Authors: Suh, Jungwon
Conference Name: The thirteenth Annual PACAP/FMA Finance Conference
Keywords: ADRs
Noise trader
Market sentiment
Conference Date: 2001-07-05
Conference Location: Westin Chosun Hotel, Seoul, Korea
Radisson Plaza Hotel, Seoul, Korea
Abstract: ADR share prices tend to deviate from their parity values under foreign own- ership restrictions and other capital barriers. Time series of ADR premiums or discounts under such capital barriers provide an opportunity to examine the ex- istence of a U.S. specific factor or U.S. investor sentiment. This paper studies a sample of ADRs from emerging countries and finds that ADR premium changes tend to comove with the aggregate U.S. market returns. This result suggests the existence of a U.S. specific factor or U.S. investor sentiment, echoing Bodurtha, Kim and Lee's result in their study of closed-end country fund premiums.
Pages: 95
Call Number: HG4026.A536 2001 katsem
Appears in Collections:Seminar Papers/ Proceedings / Kertas Kerja Seminar/ Prosiding

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