scholarly journals Long Term Dynamics of Indian ADRs Market: The Case of Persistence and Irregular Cycles

2017 ◽  
Vol 6 (2) ◽  
pp. 71
Author(s):  
Ivani Mausumi Bora ◽  
Manoj Kumar
Keyword(s):  
New York ◽  
Random Walk ◽  
Cycle Length ◽  
Nonlinear Behavior ◽  
Market Regulation ◽  
American Depositary Receipts ◽  
Rescaled Range ◽  
Research Questions ◽  
Depositary Receipts

The focus of this study is to understand the previously ignored return generating dynamics of American Depositary Receipts (ADR) markets. The main objective of this study is to investigate the nature of the return generating process of the Indian ADRs market. Specifically, the study addresses following interrelated research questions: Do returns series of Indian ADRs market exhibit random walk behavior or rather depict persistence and nonlinear dynamics? Is there any cyclicity in the returns series of Indian ADRs market? Rescaled Range (R/S) method on daily and weekly return series of Bank of the New York Mellon Indian ADR index (BKIN) from 2002 to 2016 has been applied to address the above questions. Empirical findings revealed that returns series of Indian ADRs market: (a) do not exhibit random walk behavior and rather depict both nonlinear behavior and persistence (long range dependence); (b) possess non-periodic cycles of  0.793, 2.38 and approximately 7 years. The findings can work as crucial inputs to forecasting, risk-management and market regulation processes. The knowledge of the average cycle length and persistence will enhance preparedness to handle the opportunities and risks at all levels in the market.

scholarly journals Financial accounts reports

2005 ◽  
Vol 11 (3) ◽  
Author(s):  
Colin Aaronson
Keyword(s):  
New York ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
American Depositary Receipts ◽  
York Stock Exchange ◽  
Biotechnology Companies ◽  
Market Areas ◽  
Depositary Receipts ◽  
Biotechnology Products ◽  
Made In

Serono International SA is one of the world's largest biotechnology companies with sales in 2004 of almost US$2.5bn made in over 90 countries. The company presently has eight biotechnology products and operates in four market areas: neurology, reproductive health, growth and metabolism, and dermatology. Serono's shares are traded on the Swiss Exchange as well as the virt-x exchange and its American depositary receipts (ADRs) are traded on the New York Stock Exchange. Its results were released on 1st February, 2005. The company has its headquarters in Geneva.

scholarly journals Changes In Stock Returns And Trading Volume Of American Depositary Receipts Around Their U.S. Stock Exchange Listing Switches

2012 ◽  
Vol 28 (6) ◽  
pp. 1445
Author(s):  
Kam C. Chan ◽  
Annie Wong
Keyword(s):  
New York ◽  
Stock Returns ◽  
Trading Volume ◽  
Stock Exchange ◽  
Market Performance ◽  
Foreign Firms ◽  
American Depositary Receipts ◽  
Font Size ◽  
Depositary Receipts ◽  
Year 2000

<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none; mso-hyphenate: none;" class="MsoNormal"><span style="font-size: 10pt; mso-bidi-font-weight: bold;"><span style="font-family: Times New Roman;">This study examines the change in stock returns and trading volume of American Depositary Receipts when foreign firms switched their listings from a major U.S. stock exchange to a more prestigious U.S. stock exchange; namely from the NASDAQ or American Stock Exchange to the New York Stock Exchange or from the American Stock Exchange to the NASDAQ since year 2000. We find that the stock returns of these American Depositary Receipts changed from better-than-market performance before the listing changes to just market performance after the listing changes. This evidence is consistent with a timing behavior of the management. We also find significant increase in their trading volume after the listing changes. This leads us to conclude that switching to a more prestigious stock exchange was able to create more investor interest.<strong></strong></span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>

scholarly journals UM ESTUDO SOBRE O NÍVEL DE ADERÊNCIA DE COMPANHIAS DO SEGMENTO QUÍMICO E PETROQUÍMICO ÀS NORMAS E RECOMENDAÇÕES DE DISCLOSURE AMBIENTAL INTERNACIONAIS, NORTE AMERICANAS E BRASILEIRAS

ABCustos ◽  
2009 ◽  
Vol 4 (3) ◽  
Author(s):  
Angela Rosane Leal de Souza ◽  
Ernani Ott ◽  
Clóvis Antônio Kronbauer
Keyword(s):  
New York ◽  
Working Group ◽  
Stock Exchange ◽  
International Standards ◽  
New York Stock Exchange ◽  
American Depositary Receipts ◽  
York Stock Exchange ◽  
Depositary Receipts

O crescente interesse em âmbito mundial e a conscientização de que as organizações e os organismos governamentais devem desempenhar um papel importante na luta por um desenvolvimento sustentável, têm levado à edição de várias normas e recomendações de disclosure ambiental. Alguns organismos internacionais ligados a área contábil como o Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR/UNCTAD) têm dedicado atenção às informações contábeis relativas à sustentabilidade ambiental. Da mesma forma, nos Estados Unidos da América e no Brasil, alguns organismos têm emitido normas relacionadas ao registro contábil e à publicação de informes ambientais nos relatórios anuais das companhias. Nesse contexto, este estudo, de caráter exploratório-descritivo, avalia o nível de aderência às normas e recomendações de organismos internacionais e nacionais relativos ao disclosure ambiental, de uma amostra de 10 (dez) companhias do setor químico e petroquímico emitentes de American Depositary Receipts (ADRs), que negociam ações na New York Stock Exchange (NYSE) e que desempenham atividades no Brasil. Para atingir o objetivo proposto, fez-se uma pesquisa nos relatórios publicados pelas companhias e se procedeu a uma análise qualitativa destes relatórios. Os resultados do estudo indicam que a aderência às recomendações internacionais não atinge a 50%, em média; se situa em torno de 70%, em média, em relação às normativas norte-americanas; e há uma baixa aderência às recomendações emanadas dos organismos brasileiros, apenas 18%.

scholarly journals Cointegração e descoberta de preços de ADR brasileiros

2009 ◽  
Vol 13 (2) ◽  
pp. 272-290
Author(s):  
Claudio Akira Kawamoto ◽  
Carlos Tadao Kawamoto
Keyword(s):  
New York ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
American Depositary Receipts ◽  
York Stock Exchange ◽  
Depositary Receipts

Este trabalho examina a formação dos preços de papéis brasileiros negociados na New York Stock Exchange [NYSE] através de American Depositary Receipts [ADRs]. Verificou-se se os preços dos pares ação-ADR possuem tendência comum de longo prazo, isto é, se suas séries cointegram e, além disso, quantificou-se a contribuição de cada ativo (ADR e ação) na formação do preço de longo prazo através da razão de ajustamento proposta por Eun e Sabherwal (2003). Complementando o trabalho de Sanvicente (1998), que analisou a integração entre os índices Ibovespa e Dow Jones, este trabalho examina a hipótese de integração, utilizando dados desagregados, com uma amostra de 32 papéis, que perfaziam conjuntamente mais de 67% do volume da bolsa brasileira, e seus respectivos ADRs, no período de fevereiro de 1999 a junho de 2006. Os resultados apontam que em apenas 15 pares há uma tendência de longo prazo comum entre a ação e sua ADR; em apenas 2 pares os parâmetros do modelo de correção de erros (VECM) são estatisticamente significantes, indicando que para somente 6,25% da amostra os ajustes necessários para a manutenção de um equilíbrio de longo prazo ocorrem em ambos os mercados.

scholarly journals US GAAP x normas brasileiras: mensuração do impacto das diferenças de normas no lucro duplamente reportado pelas empresas brasileiras emissoras de ADRS na NYSE

2011 ◽  
Vol 12 (1) ◽  
pp. 082-111 ◽  
Author(s):  
Edilene Santana Santos ◽  
Joanília Neide Sales Cia ◽  
Josilmar Cordenonssi Cia
Keyword(s):  
United States ◽  
New York ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
American Depositary Receipts ◽  
Generally Accepted Accounting Principles ◽  
Accounting Principles ◽  
York Stock Exchange ◽  
Depositary Receipts ◽  
Us Gaap

A falta de um conjunto único de normas contábeis válido para todos os países pode conduzir a resultados conflitantes. Por exemplo, entre as emissoras brasileiras de ADRs (American Depositary Receipts) na NYSE (New York Stock Exchange), a CEMIG apresentou em 2002 um prejuízo de R$ 12 milhões conforme as normas americanas (US GAAP) e, sob as normas brasileiras, um prejuízo de R$ 1 bilhão (ou seja, 83 vezes maior). Também a CSN apresentou no mesmo ano um lucro de R$ 6 milhões conforme os US GAAP (United States Generally Accepted Accounting Principles), contra um prejuízo de R$ 218 milhões conforme as normas brasileiras (ou seja, 30 vezes maior). Este estudo objetiva verificar se diferenças entre as normas contábeis brasileira e norte-americana (US GAAP) geram impacto significativo no resultado duplamente reportado no Formulário 20F pelas 30 emissoras brasileiras de ADRs na NYSE. Para mensurar o efeito dessas diferenças normativas no resultado foi utilizado o "Índice de Conservadorismo" (IC) de Gray, que mede o quanto um sistema contábil nacional gera lucros menores ("é conservador") ou maiores ("é otimista") em relação aos US GAAP. A média e a mediana do IC no período 2001 a 2005 indicaram conservadorismo das normas brasileiras, não confirmado pelo teste t-Student, mas corroborado pelo teste de Wilcoxon a 10% de significância. Dividindo-se em dois subperíodos, obteve-se um IC médio de 1,2 para 2001-2002 (significativo a 3,3%) e de 0,86 para 2003-2005 (significativo a 3%), indicando uma disparidade de comportamento: a contabilidade brasileira mostra-se mais otimista que os US GAAP até 2002, passando a mais conservadora a partir de 2003 até 2005.

Mafias on the Move

2011 ◽  
Author(s):  
Federico Varese
Keyword(s):  
United States ◽  
New York ◽  
Organized Crime ◽  
The United States ◽  
The West ◽  
Market Expansion ◽  
The North ◽  
Economic Transformations ◽  
At Will

Organized crime is spreading like a global virus as mobs take advantage of open borders to establish local franchises at will. That at least is the fear, inspired by stories of Russian mobsters in New York, Chinese triads in London, and Italian mafias throughout the West. As this book explains, the truth is more complicated. The author has spent years researching mafia groups in Italy, Russia, the United States, and China, and argues that mafiosi often find themselves abroad against their will, rather than through a strategic plan to colonize new territories. Once there, they do not always succeed in establishing themselves. The book spells out the conditions that lead to their long-term success, namely sudden market expansion that is neither exploited by local rivals nor blocked by authorities. Ultimately the inability of the state to govern economic transformations gives mafias their opportunity. In a series of matched comparisons, the book charts the attempts of the Calabrese 'Ndrangheta to move to the north of Italy, and shows how the Sicilian mafia expanded to early twentieth-century New York, but failed around the same time to find a niche in Argentina. The book explains why the Russian mafia failed to penetrate Rome but succeeded in Hungary. A pioneering chapter on China examines the challenges that triads from Taiwan and Hong Kong find in branching out to the mainland. This book is both a compelling read and a sober assessment of the risks posed by globalization and immigration for the spread of mafias.

Recognition of Family Caregivers in Managed Long-Term Services and Supports: New York State Summary

2020 ◽  
Author(s):  
Jessica Kasten ◽  
Elizabeth Lewis ◽  
Sari Lelchook ◽  
Lynn Feinberg ◽  
Edem Hado
Keyword(s):  
New York ◽  
Family Caregivers ◽  
New York State ◽  
York State ◽  
Services And Supports

Anthropologic Relationships among Prehistoric Northeastern Amerindians

1980 ◽  
Vol 1 (2) ◽  
pp. 145-159
Author(s):  
Edward F. Harris ◽  
Nicholas F. Bellantoni
Keyword(s):  
New York ◽  
Gene Flow ◽  
Material Culture ◽  
New England ◽  
Cultural Barriers ◽  
Group Differences ◽  
Phenetic Analysis ◽  
Trade Relationships ◽  
Good Agreement

Archaeologically defined inter-group differences in the Northeast subarea ate assessed with a phenetic analysis of published craniometric information. Spatial distinctions in the material culture are in good agreement with those defined by the cranial metrics. The fundamental dichotomy, between the Ontario Iroquois and the eastern grouping of New York and New England, suggests a long-term dissociation between these two groups relative to their ecologic adaptations, trade relationships, trait-list associations, and natural and cultural barriers to gene flow.

Audit Quality of Chinese ADR Engagements

2016 ◽  
Vol 31 (2) ◽  
pp. 25-43 ◽  
Author(s):  
Aloke (Al) Ghosh ◽  
Elisabeth Peltier ◽  
Cunyu Xing
Keyword(s):  
Audit Quality ◽  
Emerging Market ◽  
Financial Statements ◽  
Foreign Firms ◽  
American Depositary Receipts ◽  
Reverse Mergers ◽  
Chinese Companies ◽  
Big 4 ◽  
Depositary Receipts

SYNOPSIS The controversy over Chinese reverse mergers has led to concerns about the audit quality of all U.S.-listed Chinese companies. Because a sizeable number of foreign firms cross-list their shares as American Depositary Receipts (ADRs) issued by U.S. depositary banks (as opposed to direct listings), we study how auditors have managed their audits of Chinese ADRs. Our motivation for examining Chinese ADRs is based on the findings that cross-listing via the ADR process is beneficial for U.S. shareholders. We find that relative to ADRs from countries other than China, and relative to directly listed Chinese companies, Chinese ADRs are more likely to be associated with a Big 4 auditor and are less likely to restate prior-period financial statements. We also find that Chinese ADRs pay significantly higher fees than other emerging market ADRs and Chinese direct-listings. Collectively, these results suggest high audit quality for Chinese ADRs, which is in sharp contrast to the Chinese direct-listing results. Using Tobin's Q as a measure of market value, we find that the stock market rewards Chinese ADRs, indicating that investors incorporate the benefits of higher audit quality when evaluating Chinese ADRs.

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