Understanding the ADR premium under market segmentation by Matthieu Stigler, Ajay Shah and Ila Patnaik.
The abstract reads: Capital controls can induce large and persistent deviations from the Law of One Price for cross-listed stocks in international capital markets. A considerable literature has explored firm-specific factors which influence ADR pricing when LOP is violated. . . . → Read More: Understanding the ADR Premium under Market Segmentation