The geography and determinants of ADR holdings

Anis Samet, Wissam Abdallah and Abed AL-Nasser Abdallah

The Quarterly Review of Economics and Finance, 2023, vol. 88, issue C, 228-243

Abstract: We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e., single ADRs). We also document that institutional investors invest less in ADRs whose underlying shares attract more foreign investors, and invest more in ADRs with more concentrated institutional ownership structure. Our results are statistically and economically meaningful and are robust to a battery of sensitivity checks.

Keywords: Cross-listing; Ownership structure; Corporate governance; Institutional holding (search for similar items in EconPapers)
JEL-codes: F36 G11 G12 G14 G15 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:88:y:2023:i:c:p:228-243

DOI: 10.1016/j.qref.2023.01.009

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