Sivaprasad, S., Adami, R., Mathew, S. and Puwanenthiren, P. 2023. Going Global: Evidence from India. International Journal of Banking, Accounting and Finance. 13 (4), pp. 464-486. https://doi.org/10.1504/IJBAAF.2023.10055872
| Title | Going Global: Evidence from India |
|---|---|
| Type | Journal article |
| Authors | Sivaprasad, S., Adami, R., Mathew, S. and Puwanenthiren, P. |
| Abstract | American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) remain one of the predominant routes used by firms in emerging economies to list overseas. However, the aftermarket performance of ADR/GDR issuances is not widely researched amongst emerging economies. Using an Indian sample of ADR and GDR issues, we analyse the short and long-term performance of these firms. We adopt an event study methodology to assess the short-term performance and Lyon et al, (1999)’s approach to examine the long-term performance. We also examine the changes in firms’ operating performance following ADR/GDR issuances. The results show that the short-term buy and hold abnormal returns for ADRs are relatively better than GDRs and in the long run yield positive abnormal returns. These firms also have better operating performance post their overseas issuance in the American stock markets and finally the results also show that ADR issues is a key driver in firm performance. |
| Keywords | American Depositary Receipts (ADRs) |
| Global Depositary Receipts (GDRs) | |
| Performance | |
| Operational Characteristics | |
| Journal | International Journal of Banking, Accounting and Finance |
| Journal citation | 13 (4), pp. 464-486 |
| ISSN | 1755-3849 |
| 1755-3830 | |
| Year | 2023 |
| Publisher | Inderscience Publishers |
| Accepted author manuscript | File Access Level Open (open metadata and files) |
| Digital Object Identifier (DOI) | https://doi.org/10.1504/IJBAAF.2023.10055872 |
| Publication dates | |
| Published | 05 Oct 2023 |
Connectedness Between Central Bank Digital Currency Index, Financial Stability and Digital Assets
Sivaprasad, S., Bas, T. and Malki, I. 2024. Connectedness Between Central Bank Digital Currency Index, Financial Stability and Digital Assets. Journal of International Financial Markets, Institutions and Money. 92 101981. https://doi.org/10.1016/j.intfin.2024.101981
Do returns and volatility spillovers exist across tech stocks, cryptocurrencies and NFTs?
Sivaprasad, S., Bas, T. and Malki, I. 2024. Do returns and volatility spillovers exist across tech stocks, cryptocurrencies and NFTs? Heliyon. 10 (2) e24615. https://doi.org/10.1016/j.heliyon.2024.e24615
An Empirical Analysis of Corporate Sustainability Bonds
Sivaprasad, S. and Mathew, S. 2023. An Empirical Analysis of Corporate Sustainability Bonds. Business Strategy and The Environment. Advanced online publication. https://doi.org/10.1002/bse.3663
Internationalization and Zero Leverage
Sivaprasad, S., Chatzivgeri, E., Dontis-Charitos, P. and Williams, J. 2023. Internationalization and Zero Leverage. European Journal of Finance. Advanced online publication. https://doi.org/10.1080/1351847x.2023.2277273
Spill over effects of Geopolitical risk on the banking sector of CIS countries
Sivaprasad, S., Malki, I., Adami, R., Yodgorova, F. and Ibragimova, D. 2023. Spill over effects of Geopolitical risk on the banking sector of CIS countries. International Finance and Banking Society (IFABS), Oxford (2023). Oxford 24 - 26 Jul 2023 University of Westminster.
An Impact Investment Strategy
Juddoo, K., Malki, I., Mathew, S. and Sivaprasad, S. 2023. An Impact Investment Strategy. Review of Quantitative Finance and Accounting. 61, pp. 177-211. https://doi.org/10.1007/s11156-023-01149-0
The Impact of the Russian-Ukrainian War on Global Financial Markets
Izzeldin, Marwan, Muradoglu, Gulnur, Pappas, Vasileios, Petropoulou, Athina and Sivaprasad, Sheeja 2023. The Impact of the Russian-Ukrainian War on Global Financial Markets. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2023.102598
Brexit and its impact on EU financial markets
Sivaprasad, S., Muradoglu, G, Izzeldin, M and Pappas, V 2022. Brexit and its impact on EU financial markets. International Finance and Banking Society (IFABS), Naples (2022). Naples 07 - 09 Sep 2022
Brexit and its impact on EU financial markets
Sivaprasad, S., Izzeldin, M, Muradoglu, G and Pappas, V 2022. Brexit and its impact on EU financial markets. Financial Management & Accounting Research Conference 2022. Cyprus 19 - 21 Jun 2022
Brexit and its impact on EU financial markets
Sivaprasad, S., Muradoglu, Y.G., Pappas, V and Izzeldin,M 2022. Brexit and its impact on EU financial markets. 16th Annual Dynare Conference. Lancaster,UK 30 Jun - 01 Jul 2022
An Exploratory Insight into the Impact of COVID-19 on the Travel and Tourism Sector: UK Evidence
Sivaprasad, S. and Bas, T. 2022. An Exploratory Insight into the Impact of COVID-19 on the Travel and Tourism Sector: UK Evidence. in: Karabulut, Ş. (ed.) Economic and Financial Analysis of Global and National Developments Turkey Ekin.
Audit Quality and Seasoned Equity Offerings Methods
Dang, M., Puwanenthiren, P., Truong, C., Henry, D. and Vo, X.V. 2022. Audit Quality and Seasoned Equity Offerings Methods . International Review of Financial Analysis. 83 102227. https://doi.org/10.1016/j.irfa.2022.102227
Strategic archetypes, credit ratings, and cost of debt
Dang, M., Puwanenthiren, P., Jones, E., Nguyen, T.Q., Vo, X.V. and Nadarajah, S. 2022. Strategic archetypes, credit ratings, and cost of debt . Economic Modelling. 114 105917. https://doi.org/10.1016/j.econmod.2022.105917
Does managerial tone matter for stock liquidity? Evidence from textual disclosures
Dang, M., Puwanenthiren, P., Henry, D., Mieszko, M. and Toan, N.M. 2022. Does managerial tone matter for stock liquidity? Evidence from textual disclosures . Finance Research Letters. 48 102917. https://doi.org/10.1016/j.frl.2022.102917
Country uncertainty, power distance, and payment methods in acquisitions
Dang, M., Hoang, Viet Anh, Jones, Edward, Henry, Darren, Le, Phuong Uyen and Puwanenthiren, Premkanth 2022. Country uncertainty, power distance, and payment methods in acquisitions. The European Journal of Finance. 28 (16), pp. 1541-1570. https://doi.org/10.1080/1351847x.2021.1971731
Do family firms pay less for external funding?
Ali, M., Miglani, S., Dang, M., Puwanenthiren, P. and Mieszko, M. 2022. Do family firms pay less for external funding? Australian Journal of Management. 47 (2), pp. 225-250. https://doi.org/10.1177/03128962211018241
The value effects of changes in leverage
Bas, Tugba, Sivaprasad, Sheeja and Dellen, Stefan van 2022. The value effects of changes in leverage. Tourism Analysis. 27 (4), pp. 547-552. https://doi.org/10.3727/108354220x15961981728521
An Impact Investment Strategy
Sivaprasad, S., Juddoo, K., Malki, I. and Mathew, S. 2021. An Impact Investment Strategy. International Finance and Banking Society(IFABS) 2021. online 13 - 15 Sep 2021
Policy uncertainty and seasoned equity offerings methods
Dang, M., Puwanenthiren, P., Thai, H., Mazur, M., Jones, E. and Xuan Vinh, V. 2021. Policy uncertainty and seasoned equity offerings methods. International Review of Financial Analysis. 77 101830. https://doi.org/10.1016/j.irfa.2021.101830
Dynamic Capability and Strategic Corporate Social Responsibility Adoption: Evidence from China
Li, J., Benamraoui, A., Shah, N.S. and Mathew, S. 2021. Dynamic Capability and Strategic Corporate Social Responsibility Adoption: Evidence from China. Sustainability. 13 (10) e5333. https://doi.org/10.3390/su13105333
Corporate Governance Practices and the Pandemic Crisis: UK Evidence
Mathew, S. and Sivaprasad, S. 2021. Corporate Governance Practices and the Pandemic Crisis: UK Evidence. Corporate Governance: The international journal of business in society. 21 (6), pp. 983-995. https://doi.org/10.1108/CG-08-2020-0357
Global Policy Uncertainty and Cross-Border Acquisitions
Dang, M., Nguy, N.V., Mazuren, M., Puwanenthiren, P. and Nguyen, N.T. 2021. Global Policy Uncertainty and Cross-Border Acquisitions. The Quarterly Review of Economics and Finance. 80, pp. 224-235. https://doi.org/10.1016/j.qref.2021.01.020
The impact of Covid-19 on G7 stock markets volatility: Evidence from a ST-HAR model
Sivaprasad, S., Muradoglu, Y.G., Izzeldin, M and Pappas, V 2021. The impact of Covid-19 on G7 stock markets volatility: Evidence from a ST-HAR model. International Review of Financial Analysis. 74 101671. https://doi.org/10.1016/j.irfa.2021.101671
The impact of audit quality in rights offerings
Balachandran, B., Faff, R., Nguyen, L.H.G. and Puwanenthiren, P. 2020. The impact of audit quality in rights offerings. Accounting & Finance. 60 (3), pp. 2007-2037. https://doi.org/10.1111/acfi.12429
An Empirical Analysis of the Performance of Sponsored versus Non-Sponsored IPOs:Evidence from India
Sivaprasad, S. and Dadhaniya, R. 2019. An Empirical Analysis of the Performance of Sponsored versus Non-Sponsored IPOs:Evidence from India. Journal of Accounting in Emerging Economies. 10 (1), pp. 100-116. https://doi.org/10.1108/JAEE-05-2019-0100
Does Managerial ability matter for the choice of Seasoned Equity offerings?
Puwanenthiren, P., Dang, M., Henry, D., Puwanenthiren, P. and Al Mamun, M. 2019. Does Managerial ability matter for the choice of Seasoned Equity offerings? North American Journal of Economics and Finance. 47, pp. 442-460. https://doi.org/10.1016/j.najef.2018.06.002
Enhancing Momentum Investment Strategy Using Leverage
Forner,C., Muradoglu, Y.G. and Sivaprasad, S. 2018. Enhancing Momentum Investment Strategy Using Leverage. Journal of Forecasting. 37 (5), pp. 573-588. https://doi.org/10.1002/for.2522
Corporate Governance and Firm Risk
Mathew, S., Ibrahim, S. and Archbold, S. 2018. Corporate Governance and Firm Risk. Corporate Governance: The international journal of business in society. 18 (1), pp. 52-67. https://doi.org/10.1108/CG-02-2017-0024
Board attributes that increase firm risk - evidence from the UK
Mathew, S., Ibrahim, S. and Archbold, S. 2016. Board attributes that increase firm risk - evidence from the UK. Corporate Governance: The international journal of business in society. 16 (2), pp. 233-258 10.1108/CG-09-2015-0122. https://doi.org/10.1108/CG-09-2015-0122
The Determinants of Zero Leverage: Evidence from Multinational Firms
Chatzivgeri, E., Sivaprasad, S. and Dontis-Charitos, P. 2015. The Determinants of Zero Leverage: Evidence from Multinational Firms. International Finance and Banking Society Corporate Finance Conference. Saïd Business School, University of Oxford, United Kingdom, 12 - 13 Sep 2015
The Determinants of Zero Leverage: Evidence from Multinational Firms
Chatzivgeri, E., Sivaprasad, S. and Dontis-Charitos, P. 2015. The Determinants of Zero Leverage: Evidence from Multinational Firms. 5th International Conference of the Financial Engineering and Banking Society. Nantes, France 11 - 13 Jun 2015
The value effects of changes in leverage: Evidence from the Travel and Leisure sector
Van Dellen, S., Sivaprasad, S. and Bas, T. 2015. The value effects of changes in leverage: Evidence from the Travel and Leisure sector. 22nd Annual Conference of the Multinational Finance Society. Halkidiki, Greece 28 Jun - 01 Jul 2015
An Investment Strategy Based on Leverage: Evidence from BSE 500
Sivaprasad, S. and D’Mello, L. 2015. An Investment Strategy Based on Leverage: Evidence from BSE 500. Journal of Emerging Market Finance. 14 (3), pp. 210-238. https://doi.org/10.1177/0972652715601910
How does a firm's capital structure affect stock performance?
Sivaprasad, S., Adami, R., Gough, O. and Muradoglu, Y.G. 2015. How does a firm's capital structure affect stock performance? Frontiers in Finance and Economics. 12 (1), pp. 1-31.
An empirical analysis of the performance of pension funds: evidence from UK
Sivaprasad, S., Adami, R., Gough, O. and Mukherjee, S. 2014. An empirical analysis of the performance of pension funds: evidence from UK. Studies in Economics and Finance. 31 (2), pp. 141-155. https://doi.org/10.1108/SEF-10-2012-0118
The impact of leverage on stock returns in the hospitality sector: evidence from the UK
Muradoglu, Y.G. and Sivaprasad, S. 2014. The impact of leverage on stock returns in the hospitality sector: evidence from the UK. Tourism Analysis. 19 (2), pp. 161-171. https://doi.org/10.3727/108354214X13963557455603
Are there return and volatility spillovers from major bank stocks to the national stock market in the UK?
Dontis-Charitos, P., Gough, O., Nowman, K.B. and Sivaprasad, S. 2013. Are there return and volatility spillovers from major bank stocks to the national stock market in the UK? in: Jeon, B.N. and Olivero, M.P. (ed.) Global Banking, Financial Markets and Crises (International Finance Review, Vol. 14) Emerald Publishing Limited. pp. 243 - 268
Continuous and discrete time modelling of spillovers in equity and bond markets
Dontis-Charitos, P., Gough, O., Nowman, K.B. and Sivaprasad, S. 2013. Continuous and discrete time modelling of spillovers in equity and bond markets. International Journal of Bonds and Derivatives. 1 (1), pp. 54-87. https://doi.org/10.1504/IJBD.2013.056935
The effect of leverage mimicking portfolios in explaining stock returns variations
Sivaprasad, S. and Muradoglu, Y.G. 2013. The effect of leverage mimicking portfolios in explaining stock returns variations. Studies in Economics and Finance. 30 (2), pp. 94-107. https://doi.org/10.1108/10867371311325417
Capital structure and abnormal returns
Sivaprasad, S. and Muradoglu, Y.G. 2012. Capital structure and abnormal returns. International Business Review. 21 (3), pp. 328-341. https://doi.org/10.1016/j.ibusrev.2011.03.007
Using firm level leverage as an investment strategy
Muradoglu, Y.G. and Sivaprasad, S. 2012. Using firm level leverage as an investment strategy. Journal of Forecasting. 31 (3), pp. 260-279. https://doi.org/10.1002/for.1221
Capital structure and returns
Sivaprasad, S. and Muradoglu, Y.G. 2011. Capital structure and returns. in: Kent Baker, H. and Martin, G.S. (ed.) Capital structure & corporate financing decisions: theory, evidence, and practice Wiley. pp. 75-92
Permalink - https://westminsterresearch.westminster.ac.uk/item/w1y6q/going-global-evidence-from-india
Accepted author manuscript
Under embargo until 05 Oct 2024