TY - JOUR T1 - Short-Term Investor Wealth Effects Associated with NASDAQ-Traded ADRs JF - The Journal of Wealth Management SP - 75 LP - 79 DO - 10.3905/jwm.2006.614440 VL - 8 IS - 4 AU - Mark Schaub Y1 - 2006/01/31 UR - https://pm-research.com/content/8/4/75.abstract N2 - This study examines the initial excess performance of the 100 American depository receipts (ADRs) listed on the NASDAQ from January 1985 through December 2001. The entire sample of ADRs shows significant positive excess performance on average for the first day of trading and the first month (21 days). Emerging market ADRs underperformed the NASDAQ Index by nearly 9%, whereas developed market ADRs outperformed the index by 7.6% in the first 21 days of trading. During the first month of trading, European ADRs significantly beat the market by more than 8.5%, and Asia-Pacific ADRs outperformed the index by more than 2%.TOPICS: Wealth management, global, portfolio construction, performance measurement ER -