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NASDAQ-listed European and Asia Pacific ADRs: does market-timing affect long-term performance?

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  • Mark Schaub

Abstract

The long-term excess returns for European and Asia Pacific American Depository Receipts (ADRs) listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) from 1990 to 2002 are tested to determine differences in performance and evidence of market-timing effects. While the overall sample outperformed the NASDAQ index during the first 36 months of trading by over 30%, those ADRs listed before 1 January 1998 underperformed by less than 3% while those issued after outperformed the index by nearly 48%. Breaking the sample down into European and Asia Pacific issues reveals a huge market-timing difference in performance for Asia Pacific issues and a smaller, but significant, market-timing effect for European ADRs.

Suggested Citation

  • Mark Schaub, 2009. "NASDAQ-listed European and Asia Pacific ADRs: does market-timing affect long-term performance?," Applied Financial Economics, Taylor & Francis Journals, vol. 19(5), pages 339-345.
    • Handle: RePEc:taf:apfiec:v:19:y:2009:i:5:p:339-345
    DOI: 10.1080/09603100801949751
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    Cited by:

    1. Mark Schaub, 2012. "International equities listed on the New York stock exchange: does type of issue or date of issue matter?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 26(4), pages 429-447, December.
    2. Mark Schaub, 2014. "Asia Pacific ADRS in the New Millennium: Is There A Difference in Performance for Issues Listed on the NYSE in the Last Two Decades?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(1), pages 58-67, January.
    3. Mark Schaub, 2013. "Long-Run Performance of Emerging Market ADRs: Evidence From Issues Listed on the New York Stock Exchange From 1990 Through 2009," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 5(1), pages 41-54, January.

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