{"id":"https://openalex.org/W7232656","doi":null,"title":"Performance Evaluation of American Depositary Receipts on Stocks from Africa and the Middle East","display_name":"Performance Evaluation of American Depositary Receipts on Stocks from Africa and the Middle East","publication_year":2012,"publication_date":"2012-10-01","ids":{"openalex":"https://openalex.org/W7232656","mag":"7232656"},"language":"en","primary_location":{"id":"mag:7232656","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1P3-2931549221/performance-evaluation-of-american-depositary-receipts","pdf_url":null,"source":{"id":"https://openalex.org/S2764419056","display_name":"Journal of global business and technology","issn_l":"1553-5495","issn":["1553-5495"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","poland-20","russia-white-list-4"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Journal of global business and technology","raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5086069415","display_name":"Onur Arugaslan","orcid":"https://orcid.org/0000-0001-9508-0741","observed_orcids":["https://orcid.org/0000-0001-9508-0741"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Onur Arugaslan","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5067711845","display_name":"Ajay Samant","orcid":"https://orcid.org/0000-0002-0287-150X","observed_orcids":["https://orcid.org/0000-0002-0287-150X"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ajay Samant","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.5065,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.75813743,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":93},"biblio":{"volume":"8","issue":"2","first_page":"38","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9868000149726868,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9868000149726868,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.004999999888241291,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0020000000949949026,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/american-depositary-receipts","display_name":"American Depositary Receipts","score":0.9860000014305115},{"id":"https://openalex.org/keywords/african-stock-markets","display_name":"African stock markets","score":0.8650000095367432},{"id":"https://openalex.org/keywords/risk-adjusted-performance","display_name":"risk-adjusted performance","score":0.796999990940094},{"id":"https://openalex.org/keywords/sortino-ratio","display_name":"Sortino ratio","score":0.8299999833106995},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.546999990940094},{"id":"https://openalex.org/keywords/total-risk","display_name":"total risk","score":0.5199999809265137},{"id":"https://openalex.org/keywords/emerging-market-investment","display_name":"emerging market investment","score":0.3970000147819519},{"id":"https://openalex.org/keywords/international-diversification","display_name":"international diversification","score":0.49900001287460327},{"id":"https://openalex.org/keywords/portfolio-theory","display_name":"portfolio theory","score":0.5130000114440918},{"id":"https://openalex.org/keywords/sharpe-ratio","display_name":"Sharpe ratio","score":0.5440000295639038}],"concepts":[{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.6096836924552917},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5378661751747131},{"id":"https://openalex.org/C2778979077","wikidata":"https://www.wikidata.org/wiki/Q330190","display_name":"Receipt","level":2,"score":0.533771276473999},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.43671730160713196},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.42602938413619995},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4253012537956238},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.4116429388523102},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.41109031438827515},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.391705185174942},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3682281970977783},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.32570570707321167},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:7232656","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1P3-2931549221/performance-evaluation-of-american-depositary-receipts","pdf_url":null,"source":{"id":"https://openalex.org/S2764419056","display_name":"Journal of global business and technology","issn_l":"1553-5495","issn":["1553-5495"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","poland-20","russia-white-list-4"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Journal of global business and technology","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4232672323","https://openalex.org/W2993129786","https://openalex.org/W2258382097","https://openalex.org/W1970921400","https://openalex.org/W4241113768","https://openalex.org/W223019778","https://openalex.org/W2134669833","https://openalex.org/W2169395739","https://openalex.org/W1607807344","https://openalex.org/W4390631958"],"abstract_inverted_index":{"ABSTRACTThis":[0],"study":[1,36,70,92,262],"bridges":[2],"the":[3,13,19,22,28,62,69,72,91,94,111,124,130,140,153,171,184,188,198,208,230,240,264,278,311,324,341,367,379,451,454,480,484,521,541,556,582,592,608],"gap":[4],"between":[5,618],"investment":[6,63],"theory":[7],"and":[8,27,51,85,116,123,142,173,243,266,277,291,303,314,318,327,361,370,382,388,407,419,474,496,520,620],"practice":[9],"in":[10,25,49,103,120,162,249,275,284,289,310,316,323,330,375,378,412,425,428,445,457,462,515,518,529,551,568,574],"some":[11],"of":[12,18,33,68,74,90,96,113,132,187,221,263,268,272,305,354,372,409,430,440,459,482,510,543,586,611],"least":[14],"studied":[15,253],"financial":[16,167],"markets":[17,24,55,309,456,486,517,577],"world,":[20],"namely":[21],"stock":[23,54,282,355,373,410,516,548,588],"Africa":[26,276,315,329,384,519],"Middle":[29,52,279,312,325,380,452,522],"East.":[30,280],"The":[31,65,87,281,349],"objective":[32],"this":[34,285,339,426],"pioneering":[35],"is":[37,202,287,549],"to":[38,42,255,512,527,571,580,598,613],"provide":[39],"empirical":[40],"documentation":[41],"global":[43,166,596],"investors":[44,503,544,597],"who":[45],"are":[46,108,126,145,213,357,487],"contemplating":[47],"participation":[48],"African":[50],"Eastern":[53],"using":[56,99],"American":[57,216,236],"Depositary":[58,205,217],"Receipts":[59,218],"(ADRs)":[60],"as":[61,215,436,438,553],"vehicle.":[64],"first":[66],"part":[67,89],"examines":[71],"nature":[73,265],"these":[75,97,211,569,605],"ADRs":[76,98,227,248,269,530,536],"(based":[77],"on":[78,129,229,244,270,532,601,604],"depositary":[79],"bank,":[80],"sponsorship":[81],"status,":[82],"industry":[83],"classification,":[84],"listing).":[86],"second":[88],"evaluates":[93],"performance":[95,267],"statistical":[100],"measures":[101],"grounded":[102],"modern":[104],"portfolio":[105],"theory.":[106],"Returns":[107],"adjusted":[109],"for":[110,147,192,295,307,345,352,393,397,507,555],"degree":[112],"total":[114],"risk":[115,118,296],"systematic":[117],"inherent":[119],"each":[121],"ADR,":[122],"securities":[125,195,212,559,602],"then":[127],"ranked":[128],"basis":[131],"risk-adjusted":[133],"performance.":[134],"Two":[135],"relatively":[136],"new":[137],"evaluation":[138],"metrics,":[139],"Modigliani":[141],"Sortino":[143],"measures,":[144],"used":[146],"ranking.(ProQuest:":[148],"...":[149],"denotes":[150],"formulae":[151],"omitted.)INTRODUCTIONOver":[152],"past":[154],"decade,":[155],"there":[156,224,258],"has":[157,259],"been":[158,252,260],"a":[159,203,508,561],"significant":[160,288],"rise":[161],"investor":[163],"comfort":[164],"with":[165,175,615,621],"securities,":[168],"aided":[169],"by":[170],"ease":[172],"convenience":[174],"which":[176],"transnational":[177],"corporate":[178,194],"information":[179],"can":[180],"be":[181,538],"accessed":[182],"via":[183],"internet.":[185],"One":[186],"most":[189],"convenient":[190],"vehicles":[191],"accessing":[193],"listed":[196,228,603],"outside":[197],"investor's":[199],"home":[200],"country":[201],"Global":[204],"Receipt.":[206],"In":[207,365,402,450],"United":[209],"States,":[210],"known":[214],"(ADRs).":[219],"As":[220],"January":[222],"2012,":[223],"were":[225,385,464],"2,442":[226],"New":[231],"York":[232],"Stock":[233,237],"Exchange":[234,238],"(NYSE),":[235],"(AMEX),":[239],"NASDAQ":[241],"system,":[242],"private":[245],"trading":[246],"networks.Although":[247],"general":[250],"have":[251],"extensively,":[254],"our":[256],"knowledge":[257],"no":[261],"shares":[271],"firms":[273,566],"incorporated":[274,567],"market":[283,301,321,368,405,424,431,460],"region":[286],"size":[290],"provides":[292],"many":[293],"opportunities":[294],"diversification.":[297],"Table":[298],"1":[299,416],"reports":[300],"capitalization":[302,322,369,406,432,461],"volume":[304,439],"trade":[306,441],"several":[308],"East":[313,326,381],"2009":[317],"2010.":[319],"Total":[320],"North":[328,383],"2010":[331,413,446,463],"was":[332,399,414,447],"US":[333,501],"Dollar":[334],"(USD)":[335],"1,257":[336],"billion.":[337,348],"Of":[338],"amount,":[340],"Arab":[342],"world":[343],"accounted":[344],"USD":[346,358,386,415],"950":[347],"corresponding":[350],"figures":[351],"value":[353,371,408],"traded":[356,374,411],"506":[359],"billion":[360,418],"356":[362],"billion,":[363,390,421],"respectively.":[364,391],"2009,":[366],"developing":[376,394],"countries":[377,395,619],"272":[387],"116":[389],"Data":[392],"only,":[396],"2010,":[398],"not":[400],"available.":[401],"sub-Saharan":[403],"Africa,":[404,483],"12":[417],"35":[420],"respectively.The":[422],"largest":[423,455,485],"region,":[427],"terms":[429,458],"(USD":[433,442,467,471,476,489,493,498],"1,013":[434],"billion)":[435,444,495],"well":[437],"340":[443],"South":[448],"Africa.":[449],"East,":[453,523],"Saudi":[465],"Arabia":[466],"353":[468],"billion),":[469,473,491],"Turkey":[470],"307":[472],"Israel":[475],"218":[477],"billion).":[478],"On":[479],"continent":[481],"Egypt":[488],"83":[490],"Morocco":[492],"69":[494],"Nigeria":[497],"51":[499],"billion).Many":[500],"based":[502,531],"find":[504],"it":[505],"inconvenient,":[506],"variety":[509],"reasons,":[511],"invest":[513,528],"directly":[514],"and,":[524,590],"therefore,":[525],"prefer":[526],"their":[533],"stocks.":[534],"These":[535,558],"may":[537],"created":[539],"at":[540,591],"request":[542],"or":[545],"corporations":[546],"whose":[547],"held":[550],"trust":[552],"collateral":[554],"ADR.":[557],"serve":[560],"dual":[562,609],"purpose:":[563],"they":[564],"enable":[565,595],"regions":[570],"raise":[572],"funds":[573],"developed":[575],"capital":[576],"without":[578,607],"having":[579,612],"meet":[581],"stringent":[583],"listing":[584],"requirements":[585],"U.S.":[587],"exchanges,":[589],"same":[593],"time,":[594],"earn":[599],"returns":[600],"exchanges":[606],"inconvenience":[610],"deal":[614],"time":[616],"difference":[617],"currency":[622],"conversion.":[623],"\u2026":[624]},"counts_by_year":[{"year":2014,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}