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  • Three Essays on the American Depositary Receipts (ADRs): Cases of Brazil, Russia, India and China (the BRICs)

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    Yuan_2015_02Thesis.pdf (4.374Mb)
    Author(s)
    Yuan, Tian
    Primary Supervisor
    Roca, Eduardo
    Gupta, Rakesh
    Year published
    2015
    Metadata
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    Abstract
    This thesis aims to provide an in-depth understanding of the nature of American Depositary Receipts (ADRs) from emerging markets as a viable investment vehicle. In this research, Brazil, Russia, India and China (the BRICs) are used as a representative sample of worldwide emerging markets. The motivation of this thesis derives from empirical evidence of large ADR price spreads which violates the law of one price (LOP). Unlike prior research which attempted to identify explanatory factors for this seemingly pricing puzzle in ADR markets, this thesis seeks to answer the research question: Are emerging market ADRs different ...
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    This thesis aims to provide an in-depth understanding of the nature of American Depositary Receipts (ADRs) from emerging markets as a viable investment vehicle. In this research, Brazil, Russia, India and China (the BRICs) are used as a representative sample of worldwide emerging markets. The motivation of this thesis derives from empirical evidence of large ADR price spreads which violates the law of one price (LOP). Unlike prior research which attempted to identify explanatory factors for this seemingly pricing puzzle in ADR markets, this thesis seeks to answer the research question: Are emerging market ADRs different securities from their underlying stocks? The overarching research objective is to determine whether the pricing mechanism of ADRs from emerging markets is theoretically supported by the LOP, and if investors can potentially obtain at least similar diversification benefits of ADR investments compared to directly investing in underlying stocks.
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    Thesis Type
    Thesis (PhD Doctorate)
    Degree Program
    Doctor of Philosophy (PhD)
    School
    Griffith Business School
    DOI
    https://doi.org/10.25904/1912/3235
    Copyright Statement
    The author owns the copyright in this thesis, unless stated otherwise.
    Item Access Status
    Public
    Subject
    American Depositary Receipts (ADRs)
    Law of one price (LOP)
    Stocks
    Investments
    International finance
    Publication URI
    http://hdl.handle.net/10072/365928
    Collection
    • Theses - Higher Degree by Research

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