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...

In this note, New York Stock Exchange-listed American Depository Receipts (ADRs) from China are examined to determine overall investment performance for the first 3 years of trading. The segmented results show that while Chinese ADRs perform roughly the same as the S&P 500 Index, those trading...

The long-term excess returns for European American Depository Receipts (ADRs) listed on the NYSE over the period 1990 to 2009 are tested to determine differences in performance and evidence of market timing effects for the decades of the 1990s and the 2000s. While the overall sample outperformed...

This study provides evidence that, as with stock buyback announcements, investors believe that debt buyback announcements signal good news about the future cash flows of the announcing firm. This information is contained in the stock price reaction on the announcement date. On average, the firms...

This study notes that the light sentence for insider trading that resulted in a nearly 37% gain for Martha Stewart Living Omnimedia, Inc. also may have been responsible for a small but significant average loss for industry rivals on the sentencing date. The sentence that was 'good' news for...