{"title":"美国存托凭证持有的地理位置及其决定因素","authors":"Anis Samet, W. Abdallah, A. A. Abdallah","doi":"10.2139/ssrn.3517972","DOIUrl":null,"url":null,"abstract":"We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e., single ADRs). We also document that institutional investors invest less in ADRs whose underlying stocks attract more foreign investors, and invest more in ADRs with more concentrated institutional ownership structure. Our results are statistically and economically meaningful and are robust to a battery of sensitivity checks.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"The Geography and Determinants of ADR Holdings\",\"authors\":\"Anis Samet, W. Abdallah, A. A. Abdallah\",\"doi\":\"10.2139/ssrn.3517972\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e., single ADRs). We also document that institutional investors invest less in ADRs whose underlying stocks attract more foreign investors, and invest more in ADRs with more concentrated institutional ownership structure. Our results are statistically and economically meaningful and are robust to a battery of sensitivity checks.\",\"PeriodicalId\":233958,\"journal\":{\"name\":\"European Finance eJournal\",\"volume\":\"35 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-01-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"European Finance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3517972\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Finance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3517972","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e., single ADRs). We also document that institutional investors invest less in ADRs whose underlying stocks attract more foreign investors, and invest more in ADRs with more concentrated institutional ownership structure. Our results are statistically and economically meaningful and are robust to a battery of sensitivity checks.
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