The Role of American Depositary Receipts in the Development of Emerging Equity Markets

By G. Karolyi. Review of Economics and Statistics, 2004

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The market reaction to cross-listings: Does the destination market matter? (2009, background): “Karolyi (2004) finds that the expansion of ADR programs originating from 12 emerging markets is associated with greater integration with world markets.”
Internationalization and Stock Market Liquidity (2005, unknown): “Moel (2001) and Karolyi (2004) find a negative association between the fraction of a country’s stocks that issue American Depositary Receipts (ADRs) and domestic market turnover.”
Stock market development and internationalization: Do economic fundamentals spur both similarly? (2006, background): “Karolyi (2004), for example, argues that the growth of American Depositary Receipt (ADR) programs in emerging economies is the consequence of badly functioning stock markets, resulting from economic, political, legal, or other institutional forces that create incentives for firms to leave.”