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An empirical test of the efficiency of the ADR market

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References

1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*15,723 cited
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2000Return behavior and pricing of American depositary receipts60 cited
1997What Happens to Stocks that List Shares Abroad? A Survey of the Evidence and its Managerial Implications49 cited
2013Do ADR investors herd?: Evidence from advanced and emerging markets42 cited
2005Arbitrage opportunities in the depositary receipts market: Myth or reality?41 cited
2009Speed of convergence to market efficiency for NYSE-listed foreign stocks39 cited
2008The anatomy of financial crises: Evidence from the emerging ADR market35 cited
2012Arbitrage and the Law of One Price in the market for American depository receipts35 cited
1996A survey of evidence on domestic and international stock exchange listings with implications for markets and managers29 cited

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2017Investor sentiment, idiosyncratic risk, and mispricing of American Depository Receipt24 cited

2012The proof is in the pudding: Arbitrage is possible in limited emerging markets21 cited

1995AN EXAMINATION OF INTERNATIONAL EQUITY MARKETS USING AMERICAN DEPOSITARY RECEIPTS (ADRs)21 cited

2020STOCK MARKET EFFICIENCY IN AFRICA: EVIDENCE FROM RANDOM WALK HYPOTHESIS19 cited

1997American Depositary Receipts: Overview and Literature Survey19 cited

2007International cross-listing and stock pricing efficiency: An empirical study19 cited

2008Do Fundamentals Explain the International Impact of U.S. Interest Rates? Evidence at the Firm Level12 cited