Depositary receipts and firm value: Evidence from Central Europe and Russia

Elena Smirnova

Emerging Markets Review, 2008, vol. 9, issue 4, 266-279

Abstract: This research indicates an average valuation premium of 27.3% in a sample of 43 cross-listed companies domiciled in Hungary, the Czech Republic, Poland and Russia relative to 123 companies from the region that choose not to cross list. After controlling for a host of country-specific micro- and macro-economic variables, the results reveal that firms that have less access to sound money in domestic markets and firms from countries with large government sectors are more likely to issue a depositary receipt. These companies also realize a higher market value, measured by Tobin's Q.

Keywords: International; cross-listing; ADRs; Equity; markets; of; Central; Europe; and; Russia (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:9:y:2008:i:4:p:266-279

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