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International financial integration through depositary receipts (DRs)

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dc.contributor.authorNorhazlina Ibrahim
dc.contributor.authorObiyathulla Ismath Bacha
dc.contributor.authorMansor H. Ibrahim
dc.date.accessioned2021-09-23T02:17:47Z
dc.date.available2021-09-23T02:17:47Z
dc.date.issued2020
dc.description.abstractThe issue of liquidity and underdevelopment of the Organisation of Islamic Cooperation (OIC) stock markets has caused problems to companies in those countries that seek higher equity capital. One way out of this problem is to employ international markets more intensively by seeking cheaper cost of capital through Depositary Receipts (DRs). Many studies on DRs focused on emerging and developed countries, leaving many OIC countries behind. Thus, this study investigates the financial implication by examining the integration of returns of local and foreign stock markets via American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of OIC countries. Techniques employed in this study are cointegration and the speed of adjustments to examine the existence of integration between the local and foreign stock markets. The study covers a sample of 146 firms from 17 OIC countries that are cross-listed as ADRs or GDRs from 1992 to 2011. The findings show mixed results when some markets provide evidence of integration while others show evidence of segmentation. The study on the integration between DR and home equity markets has practical implications for both the international as well as domestic investors especially on portfolio selection, asset pricing and risk managementen_US
dc.identifier.citationBacha, Obiyathulla Ismath and Ibrahim, Norhazlina and Ibrahim, Mansor H. (2020). International Financial Integration through Depositary Receipts (DRs). Journal of Accounting and Finance in Emerging Economies, 6 (1), pp. 301-322.en_US
dc.identifier.doihttps://doi.org/10.26710/jafee.v6i1.1085
dc.identifier.issn2518-8488 (Electronic)
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3439
dc.languageEnglish
dc.language.isoenen_US
dc.publisherCSRC Publishingen_US
dc.rights2020. The authors
dc.sourceSEDONA
dc.subjectDepositary Receipts (DRs)en_US
dc.subjectCross-listingen_US
dc.subjectOIC countriesen_US
dc.subjectIslamic financeen_US
dc.subjectCointegrationen_US
dc.titleInternational financial integration through depositary receipts (DRs)en_US
dc.typeJournal Articleen_US
dlc.maintopicIslamic capital marketsen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic capital marketsen_US
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