Pricing of American Depositary Receipts under Market Segmentation

This article examines the pricing of American Depositary Receipts (ADRs) in a three-factor pricing model. A seemingly unrelated regression model is utilized to test the nonlinear parameter restriction implied by the model. It is found that, although ADRs are traded in the U.S. securities market, the...

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Veröffentlicht in:	Global finance journal 2002, Vol.13 (2), p.237-252
Hauptverfasser:	Fang, Hsing, Loo, Jean C.H.
Format:	Artikel
Sprache:	eng
Schlagworte:	American Depositary Receipts International asset pricing International diversification International finance International listings Market segmentation Pricing policies Studies
Online-Zugang:	Volltext
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