Global ETD Search
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Showing 1 to 7 of 7 for “"Depository Receipts"”.
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Two Essays on the Role of Information in the Interaction between American Depository Receipts and Their Home Shares: Information Transfer and Issuer Decisions
American Depository Receipts (ADRs) represent shares of foreign firms that are issued and traded in the U.S. Since an ADR and its underlying shares represent ownership interest of the same firm, they should be perfect substitutes in a perfect market. However, market imperfections such as …
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Two Essays on Liquidity Essay I: Information Related Trading on Two Nearly Identical Options Essay II: The Importance of the Liquidity Premium in the Presence of Declining Transactions Cost
… and Poor's 500 index (SPX) options and S & P Depository Receipts (SPY) options, are studied. I test the hypothesis, based on the theory of Chowdhry and Nanda (1991), and Admati and Pleiderer (1988), that the information component of spreads for index options should decline after ETF options …
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Index participation units and the performance of index futures markets and index options markets
… Stock Exchange introduced Standard and Poor's Depository Receipts (SPDRs) on January 29, 1993. The purpose of this study is to determine the effects of the introduction of SPDRs on the pricing efficiency of S&P 500 futures market and S&P 500 options market. Using a measure of efficiency that is …
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The effects of creations and redemptions in the index participation unit market : evidence of the downward sloping demand curve for equity
… stand alone equity products. Standard & Poor's Depository Receipts (SPDRs) are the IPU under study in this paper. Through the use of standard event studies we have found that with larger or infrequent creations and redemptions there exists support for the downward sloping demand curve exists. …
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Prices, Trading Activity, And Market Quality In The Modern Otc Marketplace
… easier to short. Additionally, although American Depository Receipts (ADRs) tend to display higher levels of institutional participation, these securities are more difficult to short than comstocks and ordinary shares. Overall, my results provide support for studies suggesting that the difficulty …
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Factors influencing the utilisation of the capital market in Zambia
… 0.15 percent, Corporate Bonds 12 percent, Zambia depository receipts 0.015 percent and preference shares grabbing a 3.4 percent. The market turnover was compared to GDP ratio and it was found that the ratio has been fluctuating between 0.04 percent and 4.24 percent in the last 10 years. This shows …