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A note on the performance of Chinese American Depository Receipts

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  • Mark Schaub

Abstract

In this note, New York Stock Exchange-listed American Depository Receipts (ADRs) from China are examined to determine overall investment performance for the first 3 years of trading. The segmented results show that while Chinese ADRs perform roughly the same as the S&P 500 Index, those trading during the bull market under-performed the market index by over 26% while those trading through the bear market (listed after 1 January 1998) outperformed the S&P 500 by nearly 40%. Furthermore, issues from Hong Kong under-performed the S&P Index by nearly 73% while those issued from other areas of China exceeded the index by over 29%. These results provide evidence that market timing and regional issues affect portfolio returns from Chinese ADRs.

Suggested Citation

  • Mark Schaub, 2010. "A note on the performance of Chinese American Depository Receipts," Applied Economics Letters, Taylor & Francis Journals, vol. 17(5), pages 431-435.
    • Handle: RePEc:taf:apeclt:v:17:y:2010:i:5:p:431-435
    DOI: 10.1080/13504850701842850
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    Cited by:

    1. Mark Schaub, 2011. "Does market timing or issue type affect the long-run performance of UK American Depository Receipts listed on the New York Stock Exchange?," Journal of Asset Management, Palgrave Macmillan, vol. 12(3), pages 157-162, August.

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