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The Choice of Trading Venue and Relative Price Impact of Institutional Trading: ADRs versus the Underlying Securities in their Local Markets

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  • Chakravarty, Sugato
  • Chiyachantana, Chiraphol N.
  • Jiang, Christine

Abstract

We address two important themes associated with institutions trading in foreign markets: (1) the choice of trading venues (between a company s listing in its home market and that in the U.S. as an ADR); and (2) the comparison of trading costs across the two venues. To do so, we identify institutional trading in the United States in non-U.S. stocks (i.e., ADRs) from 35 foreign countries and in their respective home markets, using proprietary institutional trading data. We find that for stocks traded as both ADRs and in their respective local exchanges, the distribution of institutional decisions in the ADR markets is higher for stocks with the deeper ADR market, for less complex decisions, for stocks with lower price impact in ADR market or overlapping trading hours, and for emerging market stocks. We also use a multinomial logistic model to examine the factors that influence institutions decisions to trade a cross-listed stock solely in the ADR market versus solely in its home exchange. We conclude that, relative to stocks that are traded by institutions in both venues, stocks with tentatively higher local volume, with non-overlapping trading hours, and with smaller market capitalization are more likely to be traded in their home exchanges only while less complex decision are more likely to be executed as ADRs only. We also find that, in terms of the overall trading costs (implicit plus explicit), the trading cost of ADRs is often higher than that of the equivalent security at home. Our multivariate analysis on institutional trading costs reveals that the cost difference between trading in the security s home country and its respective ADR is smaller for stocks associated with less complex trades; for stocks with relatively lower local trading volume; for stocks with overlapping trading hours; and for stocks originating from the emerging markets.

Suggested Citation

  • Chakravarty, Sugato & Chiyachantana, Chiraphol N. & Jiang, Christine, 2004. "The Choice of Trading Venue and Relative Price Impact of Institutional Trading: ADRs versus the Underlying Securities in their Local Markets," Purdue University Economics Working Papers 1172, Purdue University, Department of Economics.
    • Handle: RePEc:pur:prukra:1172
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    4. Oksana Kim, 2016. "Market Efficiency and Arbitrage Opportunities for Russian Depositary Receipts Cross-Listed on the London Stock Exchange," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-36, June.

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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