Rodriguez, Javier; Romero, Herminio - In: Managerial Finance 42 (2016) 11, pp. 1125-1135
Purpose The purpose of this paper is to contrast market risk exposure and diversification of single-listed American depository receipts (“ADRs”) with those of dual-listed ADRs from the same geographical region during 2004-2012. Design/methodology/approach The study uses orthogonal returns in...