The Choice of Trading Venue and Relative Price Impact of Institutional Trading : ADRs versus the Underlying Securities in their Local Markets

@inproceedings{Chakravarty2006TheCO,
  title={The Choice of Trading Venue and Relative Price Impact of Institutional Trading : ADRs versus the Underlying Securities in their Local Markets},
  author={Sugato Chakravarty and Chiraphol N. Chiyachantana and Christine Jiang},
  year={2006}
}
We address two important themes associated with institutions’ trading in foreign markets: (1) the choice of trading venues (between a company’s listing in its home market and that in the U.S. as an ADR); and (2) the comparison of trading costs across the two venues. To do so, we identify institutional trading in the United States in non-U.S. stocks (i.e., ADRs) from 35 foreign countries and in their respective home markets, using proprietary institutional trading data. Overall, our research… CONTINUE READING

From This Paper

Figures, tables, and topics from this paper.

Citations

Publications citing this paper.

References

Publications referenced by this paper.
Showing 1-10 of 33 references

Intraday Analysis of Market Integration : Dutch Blue Chips traded in Amsterdam and New York

Erik Hupperets, Bert Menkveld
2000
View 5 Excerpts
Highly Influenced

International evidence on institutional trading behavior and price impact

Chiyachantana, Chiraphol, Pankaj Jain, Christine Jiang, Robert Wood
Journal of Finance 59, • 2004

Do non-U.S. firms issue equity on U.S. exchanges to relax capital constraints

Lins, V Karl, Deon Strickland, Marc Zenner
Journal of Financial and Quantitative Analysis, • 2003

Institutional Design and Liquidity at Stock Exchanges around the World, working paper, University of Memphis

Jain, K Pankaj
2003

The impact of legal and political institutions on equity trading costs: A cross-country analysis

Eleswarapu, R Venkat, Kumar Venkataraman
2003

Liquidity provision and specialist trading in NYSE-listed non-U.S

Bacidore, M Jeffrey, George Sofianos
stocks, Journal of Financial Economics • 2002

The geography of equity trading: why do companies list abroad

Pagano, Marco, Alisa Roell, Josef Zechner
Journal of Finance • 2002

Liquidity, volatility and equity trading costs across countries and over time

Domowitz, Ian, Jack Glen, Ananth Madhavan
International Finance • 2001

Similar Papers

Loading similar papers…