Bessembinder, Hendrik; Chen, Te-Feng; Choi, Goeun; Wei, … - 2021
We study outcomes to ADR investments between August 1954 and September 2020, with attention to ADRs associated with Chinese firms. Overall, ADRs improved investors’ wealth by $1.03 trillion, with more than a third of this amount attributable to ADRs associated with Chinese firms. A...