TY - JOUR T1 - NASDAQ-Listed American Depository Receipts JF - The Journal of Wealth Management SP - 98 LP - 104 DO - 10.3905/jwm.2007.690954 VL - 10 IS - 2 AU - Mark Schaub Y1 - 2007/07/31 UR - https://pm-research.com/content/10/2/98.abstract N2 - Cross-sectional regression analysis identifies key variables affecting the initial excess three-year holding period returns of foreign equities traded as American Depository Receipts (ADRs) on the NASDAQ. Results suggest stock market timing effects and changes in the U.S. prime interest rate are the main determinants of the initial three-year holding period returns for 100 ADRs listed from January 1990 through December 2002. The determinants vary once the sample is broken into subsets, comparing ADRs issued before 1998 to those issued afterwards, ADRs issued in emerging markets versus developed markets, and Asia Pacific ADRs versus European and other regional ADRs.TOPICS: Security analysis and valuation, global, performance measurement ER -