Indian stock market reaction to international cross-listing： Evidence from Depository Receipts  

作　　者：Naliniprava Tripathy 

机构地区：[1]Indian Institute of Management Shillong, Shillong 793014, India

出　　处：《China-USA Business Review》2010年第10期1-12,共12页美中经济评论（英文版）

摘　　要：The present study investigates the impact of cross listing of ADRs on the Indian stock market for the period June 2004 to July 2009. Average abnormal returns and cumulative average abnormal returns are calculated for the [-25, ＋25] event window, with the ADR listing date being the event date. The result indicates a significant negative abnormal local market return on the ADR listing day. Six out of nine companies shows increased volatility of local returns after the cross listing. We can conclude that ADR listings have no tangible benefit impact to the local shareholders.

关 键 词：CROSS-LISTING ADRS event study 

分 类 号：TP393.098[自动化与计算机技术—计算机应用技术] S859.5[自动化与计算机技术—计算机科学与技术]