The benefits of cross-listing for a foreign issuer are extensively documented in the literature, however it is not clear what motivates investors to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. We analyze the investment allocation decision of mutual...

Aggarwal and Klapper study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending...

The benefits of cross-listing for a foreign quot;issuerquot; are extensively documented in the literature, however it is not clear what motivates quot;investorsquot; to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. We analyze the investment...

This paper examines investment allocations in emerging markets by actively-managed U.S. mutual funds. We analyze both country- and firm-level characteristics and policies that influence these investment allocations. At the country-level, we find that U.S. funds invest more in open emerging...

What motivates investors to hold American Depositary Receipts (ADRs) rather than the underlying stock of U.S. listed foreign firms? We analyze the investment allocation decision of actively-managed emerging market mutual fund managers. Although legal provisions are typically assumed to affect...