ASIA PACIFIC ADRS IN THE NEW MILLENNIUM: IS THERE A DIFFERENCE IN PERFORMANCE FOR ISSUES LISTED ON THE NYSE IN THE LAST TWO DECADES?
Journal Title: Asian Economic and Financial Review - Year 2014, Vol 4, Issue 1
Abstract
The long-term excess returns for Asia Pacific ADRs listed on the NYSE from 1990 through 2009 are tested to determine differences in performance and evidence of decade-long market timing effects. While the overall sample outperformed the S&P 500 Index during the first 36 months of trading by over 13 percent, those ADRs listed before January 1, 2000 underperformed by 21 percent while those issued after outperformed the index by 31 percent. A similar market-timing effect is seen by breaking IPOs and SEOs down by date of issue as well. The results suggest Asia Pacific ADRs provided great diversification benefits during the volatile US markets during the 2000s.
Authors and Affiliations
Mark Schaub| Associate Professor of Finance, Stephen F. Austin State University, Nacogdoches, TX
Keywords
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