{"title":"Chinese and Global ADRs: The U.S. Investor Experience","authors":"H. Bessembinder, Te-Feng Chen, Goeun Choi, K. Wei","doi":"10.2139/SSRN.3772660","DOIUrl":null,"url":null,"abstract":"We study outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared to 9.9% per year for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.","PeriodicalId":143061,"journal":{"name":"Practitioner Articles & Resources eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Practitioner Articles & Resources eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.3772660","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
We study outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared to 9.9% per year for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.
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