PT - JOURNAL ARTICLE AU - Mark Schaub TI - NASDAQ-Listed American Depository Receipts AID - 10.3905/jwm.2007.690954 DP - 2007 Jul 31 TA - The Journal of Wealth Management PG - 98--104 VI - 10 IP - 2 4099 - https://pm-research.com/content/10/2/98.short 4100 - https://pm-research.com/content/10/2/98.full AB - Cross-sectional regression analysis identifies key variables affecting the initial excess three-year holding period returns of foreign equities traded as American Depository Receipts (ADRs) on the NASDAQ. Results suggest stock market timing effects and changes in the U.S. prime interest rate are the main determinants of the initial three-year holding period returns for 100 ADRs listed from January 1990 through December 2002. The determinants vary once the sample is broken into subsets, comparing ADRs issued before 1998 to those issued afterwards, ADRs issued in emerging markets versus developed markets, and Asia Pacific ADRs versus European and other regional ADRs.TOPICS: Security analysis and valuation, global, performance measurement