The Effects of UNsponsored ADR's on Foreign Firms and the Possible Motivation for their Creation
PublisherThe University of Arizona.
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AbstractThis paper will examine the possible consequences of unsponsored ADR’s on the foreign firm as a result of the 2008 amendment to rule 12-3g of the securities act. It discusses the background of ADR’s, the details of the new enactment, and each of the possible negative consequences to the firm. In addition, it examines the reasons for creating an unsponsored ADR, and what types of firms or markets may be chosen by U.S. investors or financial institutions. This included collecting data from MHCI and the Bank of New York website, and then running a series of regressions to find significant differences between subsets divided on different factors.
Degree ProgramHonors College