© Copyright 2012, vLex. All Rights Reserved.
- Language
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
depository receipts
1 similar search for depository receipts
2.458 documents for depository receipts
-
This paper examines the time series behavior of the returns of American depository receipts, ADRs. We postulate that the unique characteristics of these financial instruments make the ADR returns exhibit time series properties that are different from that of the U.S. equity market as a whole. Variance ratio tests of linear dependence reject the null hypothesis of random walk for the ADR returns. Tests based on the correlation dimension and the BDS statistic indicate the presence of nonlinearity in the ADR data. The BDS statistic applied to the standardized residuals of the EGARCH model rejects the null hypothesis that the data are independently and identically distributed, suggesting that conditional heteroskedasticity is not the cause of nonlinear structure in the data. On the other ha...
-
We investigate issues of importance to individual investors concerning Cubes, the NASDAQ-100 Index Tracking Stock. Individual investors are the major long-term holders of Cubes and they hold and trade proportionately more Cubes than Standard & Poors Depository Receipts. Nevertheless, individuals account for less than 50% of the daily trading volume in Cubes. Individuals investing in Cubes arc protected from return dilution resulting from market timing and late trading devices like those possible with open-end mutual funds. Cubes do demonstrate large, but rare, short-lived intraday deviations from net asset values, which appear not to present a significant problem except, possibly, for high frequency traders.
-
American depository receipts
-
... behalf of purchasers of the American Depository Receipts ("ADRs") of Olympus Corporation (OTC: OCP...
-
UK-based Standard Chartered Bank filed a draft prospectus to raise a minimum of $500 million in the form of Indian depository receipts. Meanwhile, eight Indian companies raised capital using depository receipts and listed on the Luxembourg Stock Exchange in the first quarter of 2010, versus only one such listing in the same period last year. India has the number of companies with sponsored DR programs, according to the BNY Mellon. The new listings bring the total to 288 programs across more than 30 industries.
-
We extend the evidence on exploitable cross autocorrelations in equity returns by examining whether individual investors can exploit cross autocorrelations in Standard and Poor's Depository Receipts and iShares international index funds of 17 countries. Empirical testing reveals that iShares exhibit predictable elements that could be exploited by investors on a before transaction cost basis. We then compute bid-ask spreads and liquidity spreads to determine their affect on the risk-adjusted returns of the trading strategies. We find that transactions costs are generally high and that investors would need to be very cautious in placing trades to exploit returns patterns.
