Title page for ETD etd-10142005-135815


Type of Document Dissertation
Author Hubbard, Daniel Julian
URN etd-10142005-135815
Title An accounting study of American depositary receipts
Degree PhD
Department Business Administration (Accounting)
Advisory Committee
Advisor Name Title
Beams, Floyd A. Committee Chair
Bonomo, Vittorio A. Committee Member
Brown, Robert M. Committee Member
Kubin, Konrad W. Committee Member
Richardson, Frederick M. Committee Member
Keywords
  • Securities
  • Securities United States
  • Investments-Foreign
Date of Defense 1992-08-03
Availability restricted
Abstract
This study uses the tools of accounting research in an exploratory examination of American Depositary Receipts (ADRs). ADRs are registered certificates that represent specified amounts of foreign stocks held in trust by the banks issuing the ADRs. They are used to avoid the day-to-day problems created by international securities transactions.

The empirical portion of this study considers three research areas linking ADRs and accounting. The first question considers whether ADR firms show financial accounting information that is characteristically different from that for non-ADR firms. The major conclusion is that corporate size is the predominant distinguishing factor. The second question is whether the portion of the periodic returns on ADR investments caused by foreign currency exchange effects is significant.

The major conclusion to this section is that foreign exchange effects can significantly affect ADR returns, but not in a consistent manner. The third area examines whether ADR returns are more closely correlated with the American markets on which they trade or with the foreign markets on which their underlying shares trade. This portion of the study shows that every possible correlation combination exists among the sample ADRs.

In addition to considering these empirical questions, this study includes a thorough historical investigation of the origin and evolution of the ADR as a financial instrument.

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