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The performance of NASDAQ-listed UK ADRs: a note

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  • Mark Schaub

Abstract

The author examines NASDAQ-listed American Depository Receipts (ADRs) from the United Kingdom to determine overall investment performance for the first 21 days of trading and the first 3 years of trading. Long-term results also show the effects of market timing. In early trading, the 22 UK ADRs outperformed the NASDAQ by 8.81% for the first 21 days. Long-term results show the entire sample of UK ADRs outperformed the NASDAQ index by nearly 20% for the first 3 years of trading. Those ADRs trading during the bull market (listed before 1998) performed roughly equal to the NASDAQ index whereas those trading through the bear market (listed after 1 January 1998) outperformed the NASDAQ by nearly 39% during the first 36 months of trading. These results suggest that market timing affects long-term portfolio returns from UK ADRs.

Suggested Citation

  • Mark Schaub, 2011. "The performance of NASDAQ-listed UK ADRs: a note," Applied Economics Letters, Taylor & Francis Journals, vol. 18(18), pages 1735-1738, December.
    • Handle: RePEc:taf:apeclt:v:18:y:2011:i:18:p:1735-1738
    DOI: 10.1080/13504851.2011.562152
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