The information content of audit opinions has been scrutinised in the past. Research and discussions attempted to ascertain whether audit opinions contain useful information for financial statement users and whether accountants are qualified to make accurate assessments about a firm's viability...

This paper examines the short-term and long-term returns of a sample of foreign equities traded on the New York Stock Exchange as American Depository Receipts (ADRs) issued between 1 January 1987 and 30 September 2000. Distinctions are made between those ADRs issued as initial public offerings...

We examine the long-term returns of a sample of foreign equities traded on the New York Stock Exchange as American Depository Receipts (ADRs) issued between January 1, 1987 and September 30, 2000. Distinctions are made between those ADRs issued by companies headquartered in emerging and...