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

Keywords

Related Articles

SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: A VIEW THROUGH ROLLING SUB- SAMPLES

Using data collected from the Saudi Arabian TadawulStock Exchange, this paper analyses 11 publically listed bank risk-return relationships during 2008-2011. The contribution of this paper provides a more refined techniq...

FOREIGN DIRECT INVESTMENT DECISIONS INTO CHINA AND INDIA

We investigate the foreign direct investment projects of the multinational companies into the two major BRIC countries: India and China. Our results indicate that wage levels and country population and GDP growth are the...

EMPLOYEE BRANDING MODEL BASED ON INDIVIDUAL AND ORGANIZATIONAL VALUES IN THE IRANIAN BANKING INDUSTRY

In the competitive world of today, every company knows that their main asset is human resources, since employees have a crucial role in building strong a brand. But researches show that more managers do not pay attention...

FACTORS INFLUENCING SUCCESSFUL BRAND EXTENSION INTO RELATED AND UNRELATED PRODUCT CATEGORIES

This study describes the study that analyzes the factors influencing successful brand extension. Specifically the study analyze the impact of similarity, brand reputation, perceived risk and consumer innovativeness on th...

GROWTH EFFECTS OF HEALTH INPUTS AND OUTCOMES IN SUB-SAHARA AFRICAN COUNTRIES (1995-2011)

The study examined the contribution of health inputs and outcomes to growth process in the Sub-Saharan Africa. Panel data of 30 countries from the sub-region from 1995 to 2011was used in a dynamic Generalized Method of M...

Download PDF file
  • EP ID EP1992
  • DOI -
  • Views 447
  • Downloads 20

How To Cite

Mark Schaub (2014). ASIA PACIFIC ADRS IN THE NEW MILLENNIUM: IS THERE A DIFFERENCE IN PERFORMANCE FOR ISSUES LISTED ON THE NYSE IN THE LAST TWO DECADES?. Asian Economic and Financial Review, 4(1), 58-67. https://europub.co.uk/articles/-A-1992