文章基本信息

标题：The Effects of ADR Listing on Profitability, Liquidity and Volatility of Brazilian Stocks
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作者：Lucas Pereira de Mello ; Tabajara Pimenta Junior ; Fabiano Guasti Lima 等
期刊名称：Asian Journal of Business and Management Sciences
电子版ISSN：2047-2528
出版年度：2013
卷号：3
期号：04
页码：34-46
出版社：Society for Business Research Promotion
摘要：This paper aims to analyze the effects on liquidity, profitability and volatility of prada canvas bags Brazilian stocks that were listed on the NYSE through ADRs in the period 2001 to 2009. In addition, we compare the results with those of previous studies. From a series of abnormal returns louis vuitton monogram macassar adjusted for market and liquidity on the stock exchange index of 18 shares of companies listing on the NYSE, we apply a study of events and statistical tests to detect the effects of listing on the returns, liquidity and volatility roles in the local market. The results showed that there was no effect on returns and volatility, but there was increasing liquidity for 11 classical balenciaga calfskin of the 18 assets. The results were not compatible with those of several other studies, about emerging markets. In Brazil, the new results can be attributed to a change in the degree of segmentation of its capital market. Full Text