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...

How capital structure, dividend policy and corporate governance vary across countries has been the focus of recent studies, but how resources are reallocated in response to poor performance has not received as much attention. This paper argues that the market for corporate control and the formal...

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 compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders...

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...