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

Ano de publicación: 2016

Volume: 45

Número: 2

Páxinas: 180-198

Tipo: Artigo

DOI: 10.1080/02102412.2015.1134758 DIALNET GOOGLE SCHOLAR

Outras publicacións en: Revista española de financiación y contabilidad

Resumo

The purpose of this study is to analyze the effect of involuntary ADR has on the value of the companies and on the intradaily volatility along with trading activity in the Spanish Stock Market. We identify the characteristics of Spanish companies chosen by foreign investors to issue unsponsored or involuntary ADR. Our analysis, both in the short and long term, documents that Spanish firms forced into the U.S. capital markets experience a significant increase in firm value. We do find that intradaily trading activity reduces and intradaily volatility increases, mainly when the home and foreign market trading hours are overlapped. Finally, we observe that investors choose firms that are big companies with an international presence and future growth opportunities when involuntarily cross-listed.

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Fonte de datos: Dialnet