Multi-market trading and overnight price discovery: Evidence from American Depository Receipts
Australian Journal of Management
Published online on October 19, 2024
Abstract
Australian Journal of Management, Volume 51, Issue 1, Page 3-21, February 2026.
This article compares the overnight price discovery of American Depository Receipts (ADRs) and common stocks traded in the US stock market. It examines how trading activities of ADRs’ underlying shares in home markets affect price discovery. We find that ...
This article compares the overnight price discovery of American Depository Receipts (ADRs) and common stocks traded in the US stock market. It examines how trading activities of ADRs’ underlying shares in home markets affect price discovery. We find that ...