Going global: evidence from India

Roberta Adami, Sudha Mathew, Prem Puwanenthiren, Sheeja Sivaprasad*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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.’s (1999) 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.

Original languageEnglish
Pages (from-to)464-486
Number of pages23
JournalInternational Journal of Banking, Accounting and Finance
Issue number4
Publication statusPublished - 5 Oct 2023


  • American depositary receipts
  • firm performance
  • GDRs
  • global depositary receipts
  • India
  • operational characteristics

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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