Owers, James E.; Lin, Bing-Xuan; Rogers, Ronald C. - In: International Review of Economics & Finance 17 (2008) 2, pp. 306-318
This paper examines why the use of American Depositary Receipts as the means of consideration in cross-border mergers and acquisitions introduces issues distinct from those associated with the use of equity consideration in purely domestic acquisitions. We find that acquirers' returns exhibit...