اجرای قانون تجارت داخلی و اسپرد ناخالص از عرضه اولیه اوراق بهادار ADR
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|49067||2011||11 صفحه PDF||سفارش دهید||محاسبه نشده|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Banking & Finance, Volume 35, Issue 8, August 2011, Pages 1907–1917
Using American Depositary Receipt (ADR) IPOs from 34 countries during 1980–2004, we find that, on average, the enforcement of insider trading laws reduces the underwriter gross spread by 49–61 basis points, which is about 10–12% of the average gross spread for ADR IPOs. This relation is present regardless of whether issuers have a prior listing or whether issuers are from developed or emerging markets. The association becomes stronger for ADRs underwritten by less prestigious underwriters and for issuers that are involved in privatization. The political institutions in the issuers’ home markets also affect gross spreads.