Hales, Alma D.; Mollick, André V. - In: The Quarterly Review of Economics and Finance 54 (2014) 3, pp. 417-427
This paper examines the impact of ADR activity on liquidity of four major Latin American stock markets. We construct a measure of ADR activity in U.S. markets for a sample of ADRs trading during January 2003–December 2010, which is subsequent to the financial liberalization episodes and...