Gagnon, Louis; Andrew Karolyi, G. - In: Journal of Financial Economics 97 (2010) 1, pp. 53-80
We measure arbitrage opportunities by comparing the intraday prices and quotes of American Depositary Receipts (ADRs) and other types of cross-listed shares in U.S. markets with synchronous prices of their home-market shares on a currency-adjusted basis for a sample of 506 U.S. cross-listed...