کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
973393 1479788 2013 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Stock prices and the location of trade: Evidence from China-backed ADRs
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Stock prices and the location of trade: Evidence from China-backed ADRs
چکیده انگلیسی

This study examines whether the trading location affects equity returns of China-backed American Depository Receipts (ADRs) traded in the US. If International Financial Markets are integrated, stock prices should be affected only by their fundamentals; otherwise, stock prices may also be affected by their trading locations/investor sentiment. We find that China ADRs’ returns are affected more by the US market fluctuations than by Chinese market returns. We interpret the results as suggesting that International Financial Markets are at least partially segmented and country-specific investor sentiment affects stock prices.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The North American Journal of Economics and Finance - Volume 26, December 2013, Pages 677–688
نویسندگان
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