{"title":"中国和全球adr:美国投资者的经验","authors":"H. Bessembinder, Te-Feng Chen, Goeun Choi, K. Wei","doi":"10.2139/SSRN.3772660","DOIUrl":null,"url":null,"abstract":"We study outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared to 9.9% per year for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.","PeriodicalId":143061,"journal":{"name":"Practitioner Articles & Resources eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Chinese and Global ADRs: The U.S. Investor Experience\",\"authors\":\"H. Bessembinder, Te-Feng Chen, Goeun Choi, K. Wei\",\"doi\":\"10.2139/SSRN.3772660\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared to 9.9% per year for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.\",\"PeriodicalId\":143061,\"journal\":{\"name\":\"Practitioner Articles & Resources eJournal\",\"volume\":\"19 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-01-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Practitioner Articles & Resources eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/SSRN.3772660\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Practitioner Articles & Resources eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.3772660","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Chinese and Global ADRs: The U.S. Investor Experience
We study outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared to 9.9% per year for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
