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A Study of the Determinants and Impacts of Indian ADRs and GDRs

This study addresses following research issues in context of foreign listings by the Indian companies: (a) What are the motivating and deterring factors that influence firms' foreign listing decisions? (b) What considerations may influence managerial choice to foreign list their DR programs on a particular financial market? (c) How the foreign listings by firms affect the returns available from the domestic stocks of the foreign listed firms? (d) How the foreign listings by firms affect the liquidity of domestic stocks of the foreign listed firms? (e) How the foreign listings by firms affect the volatility of domestic stocks of the foreign listed firms? (f) Whether foreign listing of firm's securities improves its access to the external capital markets? (g) Whether foreign listings reduce the investment-cash flow sensitivity of the foreign listed firms?