Premia In Emerging Market Adr Prices:Evidence From Chile
AbstractThe impact of issuing American Depository Receipts on the wealth of Latin American shareholders has been rarely discussed in the specialized literature. The Event Study methodology is used to analyze the reaction to Public Announcement of ADRs. Using several model specifications the results robustly indicate that prices incorporate such announcement in a positive statistically and economically significant way with a cumulative average-abnormal return of 5% in three days and a 9% for a window of twenty one days.
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Bibliographic InfoArticle provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.
Volume (Year): 2 (1999)
Issue (Month): 1 ()
Find related papers by JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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- Augusto Castillo, 2004. "The announcement effect of bond and equity issues: evidence from Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 31(2 Year 20), pages 177-205, December.
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