Schaub, Mark - In: Applied Economics Letters 18 (2011) 18, pp. 1735-1738
The author examines NASDAQ-listed American Depository Receipts (ADRs) from the United Kingdom to determine overall investment performance for the first 21 days of trading and the first 3 years of trading. Long-term results also show the effects of market timing. In early trading, the 22 UK ADRs...