The Geography and Determinants of ADR Holdings

48 Pages Posted: 5 Feb 2020 Last revised: 17 Feb 2020

See all articles by Anis Samet

Anis Samet

American University of Sharjah - School of Business and Management

Wissam Abdallah

Lebanese American University

Abed Al-Nasser Abdallah

American University of Sharjah

Date Written: January 12, 2020

Abstract

We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e., single ADRs). We also document that institutional investors invest less in ADRs whose underlying stocks attract more foreign investors, and invest more in ADRs with more concentrated institutional ownership structure. Our results are statistically and economically meaningful and are robust to a battery of sensitivity checks.

Suggested Citation

Samet, Anis and Abdallah, Wissam and Abdallah, Abed Al-Nasser, The Geography and Determinants of ADR Holdings (January 12, 2020). Available at SSRN: https://ssrn.com/abstract=3517972 or http://dx.doi.org/10.2139/ssrn.3517972

Anis Samet (Contact Author)

American University of Sharjah - School of Business and Management ( email )

P.O. Box 26666
Sharjah
United Arab Emirates

Wissam Abdallah

Lebanese American University ( email )

P.O. Box 13-5053
Chouran Beirut 11022801
Beirut
Lebanon

HOME PAGE: http://sb.lau.edu.lb/faculty-research/faculty/fa/dr-wissam-abdallah-1.php

Abed Al-Nasser Abdallah

American University of Sharjah ( email )

United Arab Emirates
+971 6 515 2594 (Phone)

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