Kabir, M. Humayun; Hassan, M. Kabir; Maroney, Neal - In: Pacific-Basin Finance Journal 19 (2011) 1, pp. 98-114
The objective of the paper is to analyze whether U.S. investors can achieve diversification benefits from American Depository Receipts (ADRs) beyond what is achievable through investing directly in country indices. Our findings show substitutability between ADRs and country indices in developed...