| Autor: |
Naliniprava Tripathy, Deepak Tandon, Amit Tripathy |
| Rok vydání: |
2021 |
| Předmět: |
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| Zdroj: |
Computational Management ISBN: 9783030729288 |
| DOI: |
10.1007/978-3-030-72929-5_25 |
| Popis: |
The present paper explored the influence of ADRs listing on the stock returns using event study methodology. The study also employed variance ratio and GARCH model to assess the influence of cross listing of ADRs on the volatility of underlying domestic stocks. A sample of eight companies considered which issued ADRs and listed in stock market of India during the period ranging from 1998 to 2017. The sample firms present significant positive abnormal domestic stock returns during the listing day and insignificant cumulative abnormal returns after the listing day. Results show that cross listing fails to bring any investment benefits to the shareholders. The findings of the study also demonstrating the response of market to the cross listing and volatility of equity returns of shareholders. The overall inferences suggested that issuing of ADRs by Indian firms do not have a substantial influence on the underlying local stock returns and shareholders value. The outcomes of the study are pertinent to the investor community, issuing companies and regulatory decision makers of the country. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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