This paper investigates the impact of ADR listing on the trading volume and volatility of the domestic market. Existing theories indicate that trading shifts to a market with lower transaction costs, and the level of volatility is directly related to the level of trading activity. The analyses provide empirical evidence showing increase in both trading volume and price volatility in the domestic market after ADR listing. The increase in volatility is attributed to noise resulting from public information as opposed to from increased trading friction. This suggests improvement in liquidity following ADR listing. Comparison across country groups indicates marginally higher gain for emerging market stocks although the difference is not statistically significant. Auction type markets gain mo...
This article discusses the community of alternative dispute resolution (ADR) professionals that has evolved as courts have incorporated ADR programs into the justice system. The article describes a number of challenges confronting court ADR programs, as well as efforts generated from within the community to confront those challenges. The article describes development of the Federal Judicial Center's Program for Consultations in Dispute Resolution and how the FJC designed and implemented this program, through which judges, ADR administrators, and researchers provide assistance to their peers in federal court ADR programs. The article also discusses an American Bar Association (ABA) project, Court ADR Program Advisors, modeled after the FJC Program, that provides assistance to state court...
The enforcement of arbitration agreements involving non-signatories is an issue that draws the attention of practitioners and academia alike. There are two interesting precedents from Brazilian courts on this interesting (and potentially dispositive) issue. In Trelleborg v. Anel, the Sao Paulo State Court of Appeals (Appeal no. 267.450.4/6-00, 7th Chamber of Private Law, Reporting Justice Constanca Gonzaga, May 24, 2006), in a unanimous decision, enforced an agreement to arbitrate against a non-signatory based on its active participation and interest in the negotiations of the agreement out of which the dispute arose. The court found that the parent company's "active participation," "clear involvement" and "interest in the outcome" of the acquisition negotiations required its participat...
This study examines the effects of a rule requiring lawyers to confer with opposing counsel regarding settlement and ADR early in litigation and to report the results of that discussion to the court. A comparison of civil litigators' practices before and after the rule was adopted showed no apparent increase in early discussions or in early settlements, the rule's ultimate goal. Enforcing the requirement to report to the court did not seem to affect whether lawyers held early discussions, but did seem to increase the likelihood that lawyers filed that report. The article concludes by exploring what the findings of this and other studies suggest about the potential effectiveness of "confer and report" rules as well as other means of facilitating earlier discussions and settlements.
NEW YORK and STUTTGART, Germany, Sept. 23 /PRNewswire/ -- Daimler AG has established a Sponsored Level 1 American Depositary Receipt (ADR) program in the United States. (Logo: http://photos.prnewswire.com/prnh/20080409/NYW017LOGO )
The Eighth Judicial District has implemented the Martin P. Violante Alternative Dispute Resolution (ADR) Program, named in honor of Court Attorney Referee Marty Violante. According to a written release from Eighth Judicial District Administrative Judge Sharon Townsend, Violante's dedication to ADR inspired the development of the program for civil, commercial, matrimonial and family court matters.
This paper provides empirical evidence of the impact of Sarbanes-Oxley Act of 2002 (SOX) on the determinants of American Depositary Receipts (ADR) terminations between 2000 and 2004. The results suggest that the implementation of SOX increased the propensity of foreign firms to terminate their ADR programs and decreases the optimal duration of ADR programs. Pre-SOX, foreign firms with high Market-to-Book and high Sales Growth are less likely to terminate their ADR programs from U.S. capital markets explainable with a need to finance their growth opportunities. Post-SOX, firms with high growth opportunities are more likely to terminate existing ADRs and likely seek bonding with large capital markets outside of US that are not subject to SOX regulations.
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