Wang, Ming-Chieh; Wu, Yi-Chen - In: International Journal of Financial Research 5 (2014) 3, pp. 43-53
This study analyzes the process of price discovery for five Taiwanese American Depositary Receipts (ADRs) and their underlying foreign stocks. The empirical results reveal three previously undisclosed facts. First, ADRs provide price information during trading periods, and the closing prices of...