Zhu, Qiaoqiao; Pasquariello, Paolo - 2010
in their ADR issuance decisions and, in doing so, display some ability to time their local exchange rate market. We study … ADR issuances in the U.S. stock market between 1976 and 2003. We find that foreign firms tend to issue ADRs after their … after the integration of the issuer's local financial market with the world capital markets, iii) when the ADR issue raises …