The Long-Run Performance of Global Equity Offerings
研究1982-1996年间非美国公司在美发行全球股权（含ADR）后的三年长期回报，发现整体跑输本地基准8%-15%，表现差异与投资壁垒和市场分割有关。
We investigate the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, between 1982 and 1996, our sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local market benchmarks of comparable firms by 8%-15% over the three years following issuance. We show that differences in long-run returns are related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. While companies from markets with significant investment barriers for foreigners that issue equity on major U.S. exchanges outperform their benchmarks, those from segmented markets that issue equity in the U.S. by way of Rule 144A private placements significantly under-perform. We also show that inter-market competition for order flow in the post-issuance period affects long-run return performance. Post-issuance buyand-hold abnormal returns are most significantly and positively related to the offering's ability to generate a larger share of U.S. trading volume.