Pricing efficiency of American depository receipts
Abstract
American Depositary Receipts (ADR) are negotiable instruments that are issued by a bank in the USA and, signify several shares in a foreign company (Say, India) that are traded in US stock markets. Dividends are paid out in US dollars and trade like other stocks in the stock market. Stocks of foreign companies can be purchased in bulk and reissued in the US Market. ADRs are listed on the NYSE, NASDAQ, AMEX and, could be sold over the counter.
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