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dc.contributor.advisorRoca, Eduardo
dc.contributor.advisorGupta, Rakesh
dc.contributor.authorYuan, Tian
dc.date.accessioned2018-01-23T02:24:03Z
dc.date.available2018-01-23T02:24:03Z
dc.date.issued2015
dc.identifier.doi10.25904/1912/3235
dc.identifier.urihttp://hdl.handle.net/10072/365928
dc.description.abstractThis 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.
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane
dc.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
dc.subject.keywordsAmerican Depositary Receipts (ADRs)
dc.subject.keywordsLaw of one price (LOP)
dc.subject.keywordsStocks
dc.subject.keywordsInvestments
dc.subject.keywordsInternational finance
dc.titleThree Essays on the American Depositary Receipts (ADRs): Cases of Brazil, Russia, India and China (the BRICs)
dc.typeGriffith thesis
gro.facultyGriffith Business School
gro.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
gro.hasfulltextFull Text
dc.rights.accessRightsPublic
gro.identifier.gurtIDgu1446505026819
gro.source.ADTshelfnoADT0
gro.source.GURTshelfnoGURT
gro.thesis.degreelevelThesis (PhD Doctorate)
gro.thesis.degreeprogramDoctor of Philosophy (PhD)
gro.departmentGriffith Business School
gro.griffith.authorYuan, Tian


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