ASIA PACIFIC ADRS IN THE NEW MILLENNIUM: IS THERE A DIFFERENCE IN PERFORMANCE FOR ISSUES LISTED ON THE NYSE IN THE LAST TWO DECADES?
Journal Title: Asian Economic and Financial Review - Year 2014, Vol 4, Issue 1
Abstract
The long-term excess returns for Asia Pacific ADRs listed on the NYSE from 1990 through 2009 are tested to determine differences in performance and evidence of decade-long market timing effects. While the overall sample outperformed the S&P 500 Index during the first 36 months of trading by over 13 percent, those ADRs listed before January 1, 2000 underperformed by 21 percent while those issued after outperformed the index by 31 percent. A similar market-timing effect is seen by breaking IPOs and SEOs down by date of issue as well. The results suggest Asia Pacific ADRs provided great diversification benefits during the volatile US markets during the 2000s.
Authors and Affiliations
Mark Schaub| Associate Professor of Finance, Stephen F. Austin State University, Nacogdoches, TX
THE IMPACT OF ECONOMIC FREEDOM UPON ECONOMIC GROWTH: AN APPLICATION ON DIFFERENT INCOME GROUPS
The objective of the study is to investigate the relationship between economic growth and economic freedom for different income groups. Therefore, the data were collected from 94 different countries belonging to five dif...
DOES THE BURDEN OF CORPORATE INCOME TAX BORNE BY LABOUR THROUGH REDUCED WAGE RATES OR LABOUR HOURS, RESULTING IN A LOWER COST OF LABOUR TO THE FIRM?
Shareholders ability to shift the burden of the tax to the consumer or labour depends largely on the mobility of capital. If the investor can move from the corporate sector into the non corporate sector, the laws of supp...
Favorable and Unfavorable Conditions for Innovation: Some Cross Country Evidence
The paper employs cross country regression analysis to estimate the effect of democracy and income inequality, adjusting for the level of income and other variables, on country innovation. It finds that both of these var...
Variations in Prices due to Anticipated and Unanticipated Money
The relation between money and price has unique relevance in price stability. Rational expectations theorists hold that both anticipated and unanticipated money supply affect price level. This paper addresses this issue...
CHILD BENEFITS AND WELFARE FOR CURRENT AND FUTURE GENERATIONS: SIMULATION ANALYSES IN AN OVERLAPPING-GENERATIONS MODEL WITH ENDOGENOUS FERTILITY
We constructed an overlapping-generations model with endogenous fertility to analyze the effects of child benefits and pensions on the welfare of current and future generations. The following results were obtained. First...