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Issue 5(1), October 2010 -- Paper Abstracts

Girard  (p. 9-22)

Cooper (p. 23-32)

Kunz-Osborne (p. 33-41)

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JOURNAL OF APPLIED BUSINESS AND ECONOMICS

The Performance of Russian Global Depository

Receipts on the London Stock Exchange

Author(s): Irina Khindanova, Innokentiy Khindanov

Citation: Irina Khindanova, Innokentiy Khindanov, (2014) "The Performance of Russian Global Depository

Receipts on the London Stock Exchange," Journal of Applied Business and Economics, Vol. 16, Iss. 6, pp. 75-100

Article Type: Research paper

Publisher: North American Business Press

Abstract:

This paper analyzes the performance of Russian Global Depository Receipts listed on the London Stock

Exchange. The performance is evaluated assuming two investment strategies: daily portfolio rebalancing

and buy-and-hold. Russian GDRs marginally outperform in the short-run and underperform in the long

run the UK market, the US market, the Emerging Markets, and the Emerging Markets ADRs. These

results resemble the performance of Initial Public Offerings. Russian GDRs outperform to some extent the

Russian stock market over the first two trading years. The performance of Russian GDRs varies across

industries, depends on raising capital, and is affected by issue timing.