American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas

720 Páginas.

Autores:
Barber Meneses, Ricardo José
Tipo de recurso:
Fecha de publicación:
2007
Institución:
Universidad de la Sabana
Repositorio:
Repositorio Universidad de la Sabana
Idioma:
spa
OAI Identifier:
oai:intellectum.unisabana.edu.co:10818/5907
Acceso en línea:
http://hdl.handle.net/10818/5907
Palabra clave:
Valores
Bolsa de valores
Capital bancario
Administración del portafolio
Análisis de inversiones
Rights
License
http://purl.org/coar/access_right/c_16ec
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network_name_str Repositorio Universidad de la Sabana
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dc.title.es_CO.fl_str_mv American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
title American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
spellingShingle American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
Valores
Bolsa de valores
Capital bancario
Administración del portafolio
Análisis de inversiones
title_short American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
title_full American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
title_fullStr American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
title_full_unstemmed American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
title_sort American Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsas
dc.creator.fl_str_mv Barber Meneses, Ricardo José
dc.contributor.advisor.none.fl_str_mv Díaz Espinosa, Rodrigo
dc.contributor.author.none.fl_str_mv Barber Meneses, Ricardo José
dc.subject.es_CO.fl_str_mv Valores
Bolsa de valores
Capital bancario
Administración del portafolio
Análisis de inversiones
topic Valores
Bolsa de valores
Capital bancario
Administración del portafolio
Análisis de inversiones
description 720 Páginas.
publishDate 2007
dc.date.created.none.fl_str_mv 2007
dc.date.issued.none.fl_str_mv 2007
dc.date.accessioned.none.fl_str_mv 2013-02-11T21:17:51Z
dc.date.available.none.fl_str_mv 2013-02-11T21:17:51Z
dc.type.none.fl_str_mv bachelorThesis
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dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_7a1f
dc.type.local.none.fl_str_mv Tesis de especialización
dc.type.hasVersion.none.fl_str_mv publishedVersion
dc.identifier.citation.none.fl_str_mv Bailey, W., G. A. Karolyi, and Salva, C., 2004, The Economic Consequences Of Increased Disclosure: Evidence From International Cross-Listings, Working Paper, Cornell University
Barber Brad M. and Lyon John D., 1996a, Detecting Abnormal Operating Performance: The Empirical Power And Specification Of Test Statistics, Journal of Financial Economics 41: 359-399
Coffee, J.C. 2002b, Racing Towards The Top? The Impact of Cross-Listing and Stock Market Competition on International Corporate Governance, Columbia Law Review 102:1757- 1831.
Doidge, C., Karolyi, A., and Stulz, R., 2004, Why are Foreign Firms Listed in the U.S. Worth More? Journal of Financial Economics 71, 205-238.
Doidge, C., 2004, U.S. Cross-Listing and the Private Benefits of Control: Evidence from Dual Class Shares, Working paper, University of Toronto.
Foerster S. and G.A. Karolyi, 2000, The Long-Run Performance of Global Equity Offerings, Journal of Financial and Quantitative Analysis 35, 499-528.
Foerster, S. and G.A. Karolyi 1999, The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States¿, The Journal of Finance 54, 981-1013.
Healy, P. M. and K. G. Palepu, 1990, Earnings and Risk Changes Surrounding Primary Stock Offers, Journal of Accounting Research 28, 25-48.
Jain, A. B., and O. Kini, 1994, The Post-Issue Operating Performance of IPO Firms, Journal of Finance 49, 1699-1726.
Johnson, S., R. La-Porta, F. Lopez-de-Silanes, and A. Shleifer, 2000, Tunneling, American Economic Review 90, 22-27.
La Porta, R., F.Lopez- De-Silanes, A.Shleifer, and R.W. Vishny, 1998, Law and Finance, Journal Of Political Economy 106, 1113-1155
Lang, M., J. Raedy, and M. Yetman, 2003, How Representative are Cross-listed Firms? An Analysis of Firm Performance and Accounting Quality, Journal of Accounting Research 41, 363-386.
Lang, M., Lins, K., and Miller, D., 2003, ADRs, Analysts and Accuracy: Does Cross-Listing In The U.S. Improve A Firm¿s Information Environment And Increase Market Value?, Journal of Accounting Research 41, 317-345.
Loughran T. and Ritter J.R., 1997, The Operating Performance of Firms Conducting Equity Offerings, Journal of Finance 52, 1823-1850.
Loughran T. and Ritter J.R., 1995, The New Issues Puzzle, Journal of Finance 50, 23-51.
Masulis, R.W., and A. Korwar, 1986, Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics 15, 3.
Miller, D.P., 1999, The Market Reaction To International Cross-Listings: Evidence From Depositary Receipts, Journal of Financial Economics 51,103-123.
Newey, W., and K. West, 1987, A Simple Positive Definite
Pagano, M., A. Roell, and J. Zehner, 2002, The Geography of Equity Listings: Why Do Companies List Abroad?, Journal of Finance 57, 2651-2694.
Rajan, Raghuram, and Henri Servaes, 1995, The Effect of Market Conditions on Initial Public Offerings, Working paper, University of Oregon and University of Auckland.
Rajan, Raghuram, and Henri Servaes, 1997, Analyst Following of Initial Public Offerings, Journal of Finance 52, 507-529.
Reese, W. and M. Weisbach, 2004, Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings, Journal of Financial Economics, forthcoming.
Reese, W. and M. Weisbach, 2004, Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings, Journal of Financial Economics, forthcoming.
Ritter, J. and I. Welch, 2002, A Review of IPO Activity, Pricing, and Allocations, Journal of Finance 57, 1795-1828.
Stulz, R.M., 1999, ¿Globalization of Equity Markets and the Cost of Capital¿, Journal of Applied Corporate Finance 12, 8-25
Teoh S. H., Welch I., and Wong T. J., 1998a, Earnings management and the post issue underperformance in seasoned equity offerings, Journal of Financial Economics 50, 63-99.
Teoh S. H., Welch I., and Wong T. J., 1998b, Earnings management and the long-term market performance of initial public offerings, Journal of Finance 53, 1935-1974.
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10818/5907
dc.identifier.local.none.fl_str_mv 88595
TE02771
identifier_str_mv Bailey, W., G. A. Karolyi, and Salva, C., 2004, The Economic Consequences Of Increased Disclosure: Evidence From International Cross-Listings, Working Paper, Cornell University
Barber Brad M. and Lyon John D., 1996a, Detecting Abnormal Operating Performance: The Empirical Power And Specification Of Test Statistics, Journal of Financial Economics 41: 359-399
Coffee, J.C. 2002b, Racing Towards The Top? The Impact of Cross-Listing and Stock Market Competition on International Corporate Governance, Columbia Law Review 102:1757- 1831.
Doidge, C., Karolyi, A., and Stulz, R., 2004, Why are Foreign Firms Listed in the U.S. Worth More? Journal of Financial Economics 71, 205-238.
Doidge, C., 2004, U.S. Cross-Listing and the Private Benefits of Control: Evidence from Dual Class Shares, Working paper, University of Toronto.
Foerster S. and G.A. Karolyi, 2000, The Long-Run Performance of Global Equity Offerings, Journal of Financial and Quantitative Analysis 35, 499-528.
Foerster, S. and G.A. Karolyi 1999, The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States¿, The Journal of Finance 54, 981-1013.
Healy, P. M. and K. G. Palepu, 1990, Earnings and Risk Changes Surrounding Primary Stock Offers, Journal of Accounting Research 28, 25-48.
Jain, A. B., and O. Kini, 1994, The Post-Issue Operating Performance of IPO Firms, Journal of Finance 49, 1699-1726.
Johnson, S., R. La-Porta, F. Lopez-de-Silanes, and A. Shleifer, 2000, Tunneling, American Economic Review 90, 22-27.
La Porta, R., F.Lopez- De-Silanes, A.Shleifer, and R.W. Vishny, 1998, Law and Finance, Journal Of Political Economy 106, 1113-1155
Lang, M., J. Raedy, and M. Yetman, 2003, How Representative are Cross-listed Firms? An Analysis of Firm Performance and Accounting Quality, Journal of Accounting Research 41, 363-386.
Lang, M., Lins, K., and Miller, D., 2003, ADRs, Analysts and Accuracy: Does Cross-Listing In The U.S. Improve A Firm¿s Information Environment And Increase Market Value?, Journal of Accounting Research 41, 317-345.
Loughran T. and Ritter J.R., 1997, The Operating Performance of Firms Conducting Equity Offerings, Journal of Finance 52, 1823-1850.
Loughran T. and Ritter J.R., 1995, The New Issues Puzzle, Journal of Finance 50, 23-51.
Masulis, R.W., and A. Korwar, 1986, Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics 15, 3.
Miller, D.P., 1999, The Market Reaction To International Cross-Listings: Evidence From Depositary Receipts, Journal of Financial Economics 51,103-123.
Newey, W., and K. West, 1987, A Simple Positive Definite
Pagano, M., A. Roell, and J. Zehner, 2002, The Geography of Equity Listings: Why Do Companies List Abroad?, Journal of Finance 57, 2651-2694.
Rajan, Raghuram, and Henri Servaes, 1995, The Effect of Market Conditions on Initial Public Offerings, Working paper, University of Oregon and University of Auckland.
Rajan, Raghuram, and Henri Servaes, 1997, Analyst Following of Initial Public Offerings, Journal of Finance 52, 507-529.
Reese, W. and M. Weisbach, 2004, Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings, Journal of Financial Economics, forthcoming.
Ritter, J. and I. Welch, 2002, A Review of IPO Activity, Pricing, and Allocations, Journal of Finance 57, 1795-1828.
Stulz, R.M., 1999, ¿Globalization of Equity Markets and the Cost of Capital¿, Journal of Applied Corporate Finance 12, 8-25
Teoh S. H., Welch I., and Wong T. J., 1998a, Earnings management and the post issue underperformance in seasoned equity offerings, Journal of Financial Economics 50, 63-99.
Teoh S. H., Welch I., and Wong T. J., 1998b, Earnings management and the long-term market performance of initial public offerings, Journal of Finance 53, 1935-1974.
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dc.publisher.department.none.fl_str_mv Escuela Internacional de Ciencias Económicas y Administrativas
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institution Universidad de la Sabana
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spelling Díaz Espinosa, RodrigoBarber Meneses, Ricardo JoséEspecialista en Finanzas y Mercado de Capitales2013-02-11T21:17:51Z2013-02-11T21:17:51Z20072007Bailey, W., G. A. Karolyi, and Salva, C., 2004, The Economic Consequences Of Increased Disclosure: Evidence From International Cross-Listings, Working Paper, Cornell UniversityBarber Brad M. and Lyon John D., 1996a, Detecting Abnormal Operating Performance: The Empirical Power And Specification Of Test Statistics, Journal of Financial Economics 41: 359-399Coffee, J.C. 2002b, Racing Towards The Top? The Impact of Cross-Listing and Stock Market Competition on International Corporate Governance, Columbia Law Review 102:1757- 1831.Doidge, C., Karolyi, A., and Stulz, R., 2004, Why are Foreign Firms Listed in the U.S. Worth More? Journal of Financial Economics 71, 205-238.Doidge, C., 2004, U.S. Cross-Listing and the Private Benefits of Control: Evidence from Dual Class Shares, Working paper, University of Toronto.Foerster S. and G.A. Karolyi, 2000, The Long-Run Performance of Global Equity Offerings, Journal of Financial and Quantitative Analysis 35, 499-528.Foerster, S. and G.A. Karolyi 1999, The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States¿, The Journal of Finance 54, 981-1013.Healy, P. M. and K. G. Palepu, 1990, Earnings and Risk Changes Surrounding Primary Stock Offers, Journal of Accounting Research 28, 25-48.Jain, A. B., and O. Kini, 1994, The Post-Issue Operating Performance of IPO Firms, Journal of Finance 49, 1699-1726.Johnson, S., R. La-Porta, F. Lopez-de-Silanes, and A. Shleifer, 2000, Tunneling, American Economic Review 90, 22-27.La Porta, R., F.Lopez- De-Silanes, A.Shleifer, and R.W. Vishny, 1998, Law and Finance, Journal Of Political Economy 106, 1113-1155Lang, M., J. Raedy, and M. Yetman, 2003, How Representative are Cross-listed Firms? An Analysis of Firm Performance and Accounting Quality, Journal of Accounting Research 41, 363-386.Lang, M., Lins, K., and Miller, D., 2003, ADRs, Analysts and Accuracy: Does Cross-Listing In The U.S. Improve A Firm¿s Information Environment And Increase Market Value?, Journal of Accounting Research 41, 317-345.Loughran T. and Ritter J.R., 1997, The Operating Performance of Firms Conducting Equity Offerings, Journal of Finance 52, 1823-1850.Loughran T. and Ritter J.R., 1995, The New Issues Puzzle, Journal of Finance 50, 23-51.Masulis, R.W., and A. Korwar, 1986, Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics 15, 3.Miller, D.P., 1999, The Market Reaction To International Cross-Listings: Evidence From Depositary Receipts, Journal of Financial Economics 51,103-123.Newey, W., and K. West, 1987, A Simple Positive DefinitePagano, M., A. Roell, and J. Zehner, 2002, The Geography of Equity Listings: Why Do Companies List Abroad?, Journal of Finance 57, 2651-2694.Rajan, Raghuram, and Henri Servaes, 1995, The Effect of Market Conditions on Initial Public Offerings, Working paper, University of Oregon and University of Auckland.Rajan, Raghuram, and Henri Servaes, 1997, Analyst Following of Initial Public Offerings, Journal of Finance 52, 507-529.Reese, W. and M. Weisbach, 2004, Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings, Journal of Financial Economics, forthcoming.Reese, W. and M. Weisbach, 2004, Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings, Journal of Financial Economics, forthcoming.Ritter, J. and I. Welch, 2002, A Review of IPO Activity, Pricing, and Allocations, Journal of Finance 57, 1795-1828.Stulz, R.M., 1999, ¿Globalization of Equity Markets and the Cost of Capital¿, Journal of Applied Corporate Finance 12, 8-25Teoh S. H., Welch I., and Wong T. J., 1998a, Earnings management and the post issue underperformance in seasoned equity offerings, Journal of Financial Economics 50, 63-99.Teoh S. H., Welch I., and Wong T. J., 1998b, Earnings management and the long-term market performance of initial public offerings, Journal of Finance 53, 1935-1974.http://hdl.handle.net/10818/590788595TE02771720 Páginas.Esta monografía trata apreciativamente los aspectos a tener en cuenta en la valoración de títulos ADRs. Para describir los aspectos determinantes en la valoración de un ADR se sintetizó una gama de investigaciones económicas que comprenden estudios acerca del mercado de origen de la compañía emisora, su zona geográfica, su tipo de economía, su entorno informativo, la liquidez del instrumento, las políticas de dividendo de la compañía, y de estudios comparativos, entre otros. El articulo describe la importancia de los ADRs, los diferentes niveles de ADRs disponibles para las empresas emisoras, el funcionamiento y la dinámica transaccional de estos instrumentos. El ensayo concluye que los beneficios que generan estos programas para la compañía y sus inversionistas opacan a sus riesgos.spaUniversidad de La SabanaEspecialización en Finanzas y Mercado de CapitalesEscuela Internacional de Ciencias Económicas y AdministrativasUniversidad de La SabanaIntellectum Repositorio Universidad de La SabanaValoresBolsa de valoresCapital bancarioAdministración del portafolioAnálisis de inversionesAmerican Depository Receipts: Aspectos a tener en cuenta en la valoración de títulos listados en dos bolsasbachelorThesisTesis de especializaciónpublishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_7a1fhttp://purl.org/coar/access_right/c_16ecPublicationLICENSElicense.txtlicense.txttext/plain; charset=utf-8498https://dspace-unisabana.metabuscador.org/bitstreams/7bdf9f5f-f2fa-52b7-e053-7e0910accd73/downloadf52a2cfd4df262e08e9b300d62c85cabMD53falseAdministratorREADORIGINAL127792.pdf127792.pdfVer documento en PDFapplication/pdf17081616https://dspace-unisabana.metabuscador.org/bitstreams/7bdf9f5f-f3ae-52b7-e053-7e0910accd73/downloade9e2a951398a153b54153df0c78dec0dMD51trueAdministratorREADTEXT127792.pdf.txt127792.pdf.txtExtracted texttext/plain1481196https://dspace-unisabana.metabuscador.org/bitstreams/7bdf9f5f-f18d-52b7-e053-7e0910accd73/downloadb2139e077c7b4a82a120b9876b7994e1MD54falseAdministratorREADTHUMBNAIL127792.pdf.jpg127792.pdf.jpgGenerated Thumbnailimage/jpeg5873https://dspace-unisabana.metabuscador.org/bitstreams/9b067e02-3344-48c5-8f4a-d9df984b89dd/download0762c6d3a08a1b68f782a3d025e5ac3fMD55falseAdministratorREAD10818/5907oai:dspace-unisabana.metabuscador.org:10818/59072025-08-09 04:31:42.521restrictedhttps://dspace-unisabana.metabuscador.orgIntellectum Repositorio Universidad de La Sabanacontactointellectum@unisabana.edu.co

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