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This paper studies the impact of a high-frequency investor sentiment measure (New FEARS) on the returns of foreign securities listed in U.S. markets as American Depository Receipts (ADRs). We recreate a high-frequency investor sentiment measure by aggregating search volume indices (SVIs) for a...
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We study long-run outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared...
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