The relationship between the exchange rate and American depositary receipt (ADR) returns : in case of Chinese ADRs

Zhang, Jie

dc.contributor.advisor	Dodds, J. C. (James Colin)
dc.coverage.spatial	China
dc.coverage.spatial	United States
dc.creator	Zhang, Jie
dc.date.accessioned	2013-10-01T18:08:26Z
dc.date.available	2013-10-01T18:08:26Z
dc.date.issued	2013
dc.identifier.uri	http://library2.smu.ca/xmlui/handle/01/25248
dc.description	1 online resource (iii, 31 p.)
dc.description	Includes abstract.
dc.description	Includes bibliographical references (p. 30-31).
dc.description.abstract	American Depositary Receipts (ADRs) as the representative of foreign stocks listed on the U.S. stock exchanges require more risk exposures than domestic stocks. This paper investigates the exchange risk effect on ADR returns in the case of Chinese ADRs. The general consensus has been that there is strong negative relationship between the ADR returns and the U.S. dollar value against the corresponding foreign currency. In this paper, it provides an empirical analysis of the relationship between Chinese ADR returns and the exchange rate of the U.S dollar per Chinese yuan. Using daily data over the 2008-2013 period, it generates an insignificant relationship between exchange rate change and ADR returns, meaning that the exchange rate is not a powerful indicator of the performance of Chinese ADRs.	en_CA
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dc.description.provenance	Made available in DSpace on 2013-10-01T18:08:26Z (GMT). No. of bitstreams: 1 zhang_jie_mrp_2013.pdf: 1227665 bytes, checksum: b3a5a1e30b827683ccd1d6063623e89d (MD5)	en
dc.language.iso	en	en_CA
dc.publisher	Halifax, N.S. : Saint Mary's University
dc.title	The relationship between the exchange rate and American depositary receipt (ADR) returns : in case of Chinese ADRs	en_CA
dc.type	Text	en_CA
thesis.degree.name	Master of Finance
thesis.degree.level	Masters
thesis.degree.discipline	Finance, Information Systems, & Management Science
thesis.degree.grantor	Saint Mary's University (Halifax, N.S.)