Lins, Karl V.; Strickland, Deon; Zenner, Marc - In: Journal of Financial and Quantitative Analysis 40 (2005) 01, pp. 109-133
The positive market reaction associated with an ADR listing is frequently attributed to a reduction in market segmentation costs that improves access to capital. If so, the benefit should be greatest for ADR firms that face relatively high indirect barriers to capital access. Our paper directly...