Article ID Journal Published Year Pages File Type
9554700 Journal of Contemporary Accounting & Economics 2005 16 Pages PDF
Abstract
The effects of trading Level I ADRs in the US OTC market were investigated for 119 firms from Hong Kong, the United Kingdom (UK), Australia, Japan, South Africa, Germany and Brazil during the period February 1992 to April 2001. Even though US GAAP accounting and disclosure requirements are not met, trading Level I ADRs in the less-regulated OTC market has benefits for some firms: surprisingly, we found that after commencement of a Level I ADR program 25% of sample firms showed at least one favourable change in accounting variables and market measures.
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Related Topics
Social Sciences and Humanities Business, Management and Accounting Business, Management and Accounting (General)
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Foreign Firms in the Less-regulated US Market
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