Login
Guest
Search for:
Browse:
Product Information:
Resources:
International Finance Review
ISSN: 1569-3767
Series editor(s): Professor J. Jay Choi
Subject Area: Accounting and Finance
Content: Series Volumes | 
Current Volume RSS
Options: To add Favourites and Table of Contents Alerts please take a Emerald profile
Document request:
Institutional Investors' Participation in Foreign Firms: Evidence from ADRs
| Title: | Institutional Investors' Participation in Foreign Firms: Evidence from ADRs |
|---|---|
| Author(s): | Narjess Boubakri, Olfa Hamza, Maher Kooli |
| Volume: | 12 Editor(s): Narjess Boubakri, Jean-Claude Cosset ISBN: 978-1-78052-242-5 eISBN: 978-1-78052-243-2 |
| Citation: | Narjess Boubakri, Olfa Hamza, Maher Kooli (2011), Institutional Investors' Participation in Foreign Firms: Evidence from ADRs, in Narjess Boubakri, Jean-Claude Cosset (ed.) Institutional Investors in Global Capital Markets (International Finance Review, Volume 12), Emerald Group Publishing Limited, pp.145-168 |
| DOI: | 10.1108/S1569-3767(2011)0000012008 (Permanent URL) |
| Publisher: | Emerald Group Publishing Limited |
| Article type: | Chapter Item |
| Abstract: | Purpose – Study the firm-level and country-level determinants of US institutional investors' holdings in American Depositary Receipts (ADRs) from emerging markets. Methodology/approach – We use a sample of 112 firms from emerging markets that listed as ADRs between 1990 and 2005. Rather than adopting the issuer's perspective, we take in this study the point of view of the investor and we focus on the US institutional investors' participation in ADR firms. Findings – We find that institutional investors hold higher stakes in foreign firms that are listed on more restrictive exchanges, in large, privatized, more liquid, and more transparent firms. Mutual investors and other institutional investors also prefer firms from countries with weaker institutional environments and from civil law legal tradition. Controlling for country-level determinants increases significantly the explanatory power of the model. Social implications – Our results have important implications for firms from emerging markets seeking to attract foreign institutional investors. Originality/value of the chapter – We focus on the motivations of investors when they choose to invest in the ADR, rather than on the ADR issuer motivation. In addition, we consider all types of institutional investors that acquire a participation in an ADR firm. |
Fulltext Options:
Purchase
Downloadable; Printable; Owned
HTML, PDF (290kb)
To purchase this item please login or register.
Recommend to your librarian
Complete and print this form to request this document from your librarian
|
|
