THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS

THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS

Current literature shows evidence ofthe gradual nature ofinternational market integration. This would suggest, at the company level, a general pattern of a declining marginal cost of capital effect for each subsequent firm issuing American Depositary Receipts from the same market. This study finds t...

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Bibliographic Details
Main Authors: Alan Blaylock, Edwin Duett
Format: Article
Language:English
Published: People & Global Business Association (P&GBA) 2004-09-01
Series:Global Business and Finance Review
Subjects:
market reaction
emerging market
market integration
marginal cost
capital effect
Online Access:http://www.gbfrjournal.org/pds/journal/thesis/20150624123816-Y04XS.pdf
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spelling doaj-25f86927b0084f7ab35895e3af3fbd1b2021-02-17T06:22:15ZengPeople & Global Business Association (P&GBA)Global Business and Finance Review 1088-69312384-16482004-09-0192113THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETSAlan Blaylock0Edwin Duett1Lamar UniversityMississippi State UniversityCurrent literature shows evidence ofthe gradual nature ofinternational market integration. This would suggest, at the company level, a general pattern of a declining marginal cost of capital effect for each subsequent firm issuing American Depositary Receipts from the same market. This study finds that the marginal listingfirm experiences a significantly smaller change in the cost ofcapital during listing than that o fprevious listing firms from the same market. A declining reaction found during the announcement period is not significant. The results are robust to changes in local and US market risks from period to period.http://www.gbfrjournal.org/pds/journal/thesis/20150624123816-Y04XS.pdfmarket reactionemerging marketmarket integrationmarginal costcapital effect
collection DOAJ
language English
format Article
sources DOAJ
author Alan Blaylock
Edwin Duett
spellingShingle Alan Blaylock
Edwin Duett
THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
Global Business and Finance Review
market reaction
emerging market
market integration
marginal cost
capital effect
author_facet Alan Blaylock
Edwin Duett
author_sort Alan Blaylock
title THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
title_short THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
title_full THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
title_fullStr THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
title_full_unstemmed THE DECLINING MARKET REACTION TO ADR ISSUERS IN EMERGING MARKETS
title_sort declining market reaction to adr issuers in emerging markets
publisher People & Global Business Association (P&GBA)
series Global Business and Finance Review
issn 1088-6931
2384-1648
publishDate 2004-09-01
description Current literature shows evidence ofthe gradual nature ofinternational market integration. This would suggest, at the company level, a general pattern of a declining marginal cost of capital effect for each subsequent firm issuing American Depositary Receipts from the same market. This study finds that the marginal listingfirm experiences a significantly smaller change in the cost ofcapital during listing than that o fprevious listing firms from the same market. A declining reaction found during the announcement period is not significant. The results are robust to changes in local and US market risks from period to period.
topic market reaction
emerging market
market integration
marginal cost
capital effect
url http://www.gbfrjournal.org/pds/journal/thesis/20150624123816-Y04XS.pdf
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AT edwinduett decliningmarketreactiontoadrissuersinemergingmarkets
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