Depositary Receipts, Country Funds, And The Peso Crash : The Intraday Evidence  

Oleh:

Chan, Kalok ; Bailey, Warren ; Chung, Y. Peter

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 6 (2000), page 2693-2718.
Topik: mutual funds; pesos; emerging markets; foreign exchange rates; studies; many countries; international finance
Fulltext: p 2693.pdf (271.69KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We study the intraday impact of excahnge rate news on emerging market american depositary receipts (ADRs) and close - end country funds during the 1994 mexican peso crisis. Peso exchange - rate changes affect prices and trading volumes of latin american equities, and some close - end fund behaviour is consistent with "noise trader" theories of amsll investors. However, there is no evidence that peso depreciation triggers a significant sell - off of non - mexican securities or that other non - mexican trading patterns change at times of high peso news flow. Thus, the "tequilla effect" is largely confined to price changes.

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