The Performance of American Depository Receipts Listed on the New York Stock Exchange: The Case of Utilities. by Academy of Accounting and Financial Studies Journal

The Performance of American Depository Receipts Listed on the New York Stock Exchange: The Case of Utilities.

By Academy of Accounting and Financial Studies Journal

  • Publication Date: 2005-09-01
  • Genre: Business & Personal Finance

Book Summary

ABSTRACT In this study, we test the early and aftermarket returns of utility company American Depository Receipts (ADRs) issued from January 1987 through September 2000 and traded on the New York Stock Exchange. The results are broken down to compare IPOs versus SEOs and emerging market firms versus developed market firms. Findings indicate that utility industry ADRs significantly underperform the S&P 500 in the early trading, with the entire sample returning 5.35 percentage points less than the market index in the first month of trading. IPOs perform worse than SEOs and developed market issues perform worse than emerging market utility industry ADRs in the short-run.

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