The long run performance of privatization related ADR issues

dc.contributor.authorAybar, C. Bulent
dc.date.accessioned2010-11-15T20:25:38Z
dc.date.available2010-11-15T20:25:38Z
dc.date.issued2000-11
dc.descriptionAuthor's Originalen_US
dc.description.abstractAmerican Depository Receipts (ADRs) have been increasingly used in the Share Issue Privatization process (SIP) by privatizing governments both in developed and developing countries. In this study long-term performance of 143 privatization related ADR programs were analyzed. The ADR programs covered in the study were initiated between 1984 and 1999, and included a diverse mix of companies from 29 different industries across 31 developed an emerging markets. The analysis of the long run performance of these programs revealed interesting patterns. In all cases, average cumulative returns and average cumulative abnormal returns of developed country privatization related ADRs exceeded emerging market privatization returns. Same conclusion was reached by using an alternative return calculation methodology. While sample companies generally outperformed their respective country indices and FT World index, they under performed the S&P500 Index.en_US
dc.description.bibliographicCitationAybar, C. B. (2001). The long run performance of privatization related ADR issues. In proceedings from Academy of International Business (AIB) Conference 2001. Phoenix, Arizona. Retrieved from http://academicarchive.snhu.eduen_US
dc.format.extent12017351 bytesen_US
dc.format.mediaTypeapplication/pdfen_US
dc.identifier.urihttps://hdl.handle.net/10474/1316
dc.language.isoen_USen_US
dc.publisherSouthern New Hampshire Universityen_US
dc.relation.hasversion10.1016/S1566-0141(02)00003-1
dc.relation.requiresAdobe Acrobat Readeren_US
dc.rightsAuthor retains all ownership rights. Further reproduction in violation of copyright is prohibiteden_US
dc.rightsHolderAybar, C. Bulent
dc.subject.otherprivatizationen_US
dc.subject.otheremerging marketsen_US
dc.subject.otherinternational financial marketsen_US
dc.subject.otherADRsen_US
dc.titleThe long run performance of privatization related ADR issuesen_US
dc.title.alternativeThe long run performance of privatization related American Depository receipt issuesen_US
dc.typeConference Paperen_US
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