Aspectos del ADR no patrocinadoel caso de España

  1. C. José García Martín 1
  2. Begoña Herrero Piqueras 1
  3. Ana María Ibáñez Escribano 1
  1. 1 Universitat de València. Departament de Finances Empresarials
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2016

Volumen: 45

Número: 2

Páginas: 180-198

Tipo: Artículo

DOI: 10.1080/02102412.2015.1134758 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

El propósito de este trabajo es analizar el impacto que la emisión de ADR no patrocinados, que no es decidida por la empresa sino por inversores estadounidenses, tiene sobre el valor de la empresa y si tiene consecuencias en la volatilidad de sus precios y en la actividad negociadora en el mercado bursátil español. Además analizamos qué características tienen las empresas españolas elegidas por los inversores para emitir sobre ellas ADR no patrocinados o involuntarios. Los resultados ponen de relieve que la emisión de ADR no patrocinados tiene un impacto positivo sobre el valor de la empresa. Además, observamos una reducción de la actividad negociadora y un aumento de la volatilidad, fundamentalmente en las horas en que permanecen abiertos ambos mercados. Finalmente, observamos que los inversores, a la hora de elegir empresas para invertir a través de ADR no patrocinados se deciden por empresas grandes, con presencia internacional y con oportunidades de crecimiento futuras.

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Fuente de los datos: Dialnet