Colombian ADRs : why so few?

We address the question of why Colombian companies have had such a limited presence in the ADRs market. Traditional explanations state that investors' protection and the degree of Colombian economic and financial development increases the costs of entry in the ADRs market. However, in the case...

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Autores:
González Ferrero, Maximiliano
Trujillo Dávila, María Andrea
Guzmán Vásquez, Álvaro Alexander
Tipo de recurso:
Work document
Fecha de publicación:
2009
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/46375
Acceso en línea:
http://hdl.handle.net/1992/46375
Palabra clave:
Corporate governance
ADRs
Economic and financial development
Internal conflict
American Depositary Receipts - Colombia
Gobierno corporativo - Colombia
Desarrollo económico - Colombia
Conflicto armado y narcotráfico - Aspectos económicos - Colombia
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González Ferrero, Maximiliano8532600Trujillo Dávila, María Andrea5e161ddb-f902-45b0-bb70-79288bf634ac600Guzmán Vásquez, Álvaro Alexandera9d25b6b-263a-48a9-aa36-2924a7fff7146002020-09-21T15:18:59Z2020-09-21T15:18:59Z20091900-1606http://hdl.handle.net/1992/46375instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/We address the question of why Colombian companies have had such a limited presence in the ADRs market. Traditional explanations state that investors' protection and the degree of Colombian economic and financial development increases the costs of entry in the ADRs market. However, in the case of Colombia these explanations do not suffice because in these respects Colombia is no different from other Latin American countries. Using a theoretical model, we show that additional factors such as drug trafficking and armed conflict explain better why Colombian firms have moved away from the ADRs market.1. Introduction. 2. The model. 3. Empirical evidence of the model's implications. 4. Conclusion. References. Appendix.26 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 23instname:Universidad de los Andesreponame:Repositorio Institucional SénecaColombian ADRs : why so few?ADRs colombianos: ¿Por qué tan pocos?Documento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPCorporate governanceADRsEconomic and financial developmentInternal conflictAmerican Depositary Receipts - ColombiaGobierno corporativo - ColombiaDesarrollo económico - ColombiaConflicto armado y narcotráfico - Aspectos económicos - ColombiaAdministraciónFacultad de AdministraciónPublicationORIGINALGaleras-de-administración-23.pdfGaleras-de-administración-23.pdfapplication/pdf2789651https://repositorio.uniandes.edu.co/bitstreams/1c94088f-40e7-45a0-a0e3-6cd2dae5089c/download89123adf3f6cd555f5d0b1058f403815MD51TEXTGaleras-de-administración-23.pdf.txtGaleras-de-administración-23.pdf.txtExtracted texttext/plain58673https://repositorio.uniandes.edu.co/bitstreams/6f9d0651-e3ca-4b8c-8fe8-5a42e8655f23/downloadf7c993f8deddd2a225e175be95e53c0fMD54THUMBNAILGaleras-de-administración-23.pdf.jpgGaleras-de-administración-23.pdf.jpgIM Thumbnailimage/jpeg19767https://repositorio.uniandes.edu.co/bitstreams/cd1e1ca1-b5e4-4a4e-9cc5-65279ee932bc/downloadfe185320ef2f2ef8f509475ecd1917feMD551992/46375oai:repositorio.uniandes.edu.co:1992/463752023-10-10 17:34:51.201http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Colombian ADRs : why so few?
dc.title.alternative.none.fl_str_mv ADRs colombianos: ¿Por qué tan pocos?
title Colombian ADRs : why so few?
spellingShingle Colombian ADRs : why so few?
Corporate governance
ADRs
Economic and financial development
Internal conflict
American Depositary Receipts - Colombia
Gobierno corporativo - Colombia
Desarrollo económico - Colombia
Conflicto armado y narcotráfico - Aspectos económicos - Colombia
Administración
title_short Colombian ADRs : why so few?
title_full Colombian ADRs : why so few?
title_fullStr Colombian ADRs : why so few?
title_full_unstemmed Colombian ADRs : why so few?
title_sort Colombian ADRs : why so few?
dc.creator.fl_str_mv González Ferrero, Maximiliano
Trujillo Dávila, María Andrea
Guzmán Vásquez, Álvaro Alexander
dc.contributor.author.none.fl_str_mv González Ferrero, Maximiliano
Trujillo Dávila, María Andrea
Guzmán Vásquez, Álvaro Alexander
dc.subject.keyword.none.fl_str_mv Corporate governance
ADRs
Economic and financial development
Internal conflict
topic Corporate governance
ADRs
Economic and financial development
Internal conflict
American Depositary Receipts - Colombia
Gobierno corporativo - Colombia
Desarrollo económico - Colombia
Conflicto armado y narcotráfico - Aspectos económicos - Colombia
Administración
dc.subject.armarc.none.fl_str_mv American Depositary Receipts - Colombia
Gobierno corporativo - Colombia
Desarrollo económico - Colombia
Conflicto armado y narcotráfico - Aspectos económicos - Colombia
dc.subject.themes.none.fl_str_mv Administración
description We address the question of why Colombian companies have had such a limited presence in the ADRs market. Traditional explanations state that investors' protection and the degree of Colombian economic and financial development increases the costs of entry in the ADRs market. However, in the case of Colombia these explanations do not suffice because in these respects Colombia is no different from other Latin American countries. Using a theoretical model, we show that additional factors such as drug trafficking and armed conflict explain better why Colombian firms have moved away from the ADRs market.
publishDate 2009
dc.date.issued.none.fl_str_mv 2009
dc.date.accessioned.none.fl_str_mv 2020-09-21T15:18:59Z
dc.date.available.none.fl_str_mv 2020-09-21T15:18:59Z
dc.type.spa.fl_str_mv Documento de trabajo
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url http://hdl.handle.net/1992/46375
dc.language.iso.es_CO.fl_str_mv spa
language spa
dc.relation.ispartofseries.none.fl_str_mv Galeras de Administración, No. 23
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dc.format.extent.none.fl_str_mv 26 páginas
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dc.publisher.none.fl_str_mv Universidad de los Andes
dc.publisher.faculty.none.fl_str_mv Facultad de Administración
publisher.none.fl_str_mv Universidad de los Andes
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