An American Depositary Receipt (ADR) is security issued by a U.S. bank and traded on a U.S.
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An American Depositary Receipt (ADR) is security issued by a U.S. bank and traded on a U.S.
stock exchange that represents a specific number of shares of a foreign stock. For example, Nokia Corporation trades as an ADR with symbol NOK on the NYSE. Each ADR represents one share of Nokia Corporation stock, which trades with symbol NOK1V on the Helsinki stock exchange. If the U.S. ADR for Nokia is trading for $7.12 per share, and Nokia stock is trading on the Helsinki exchange for €5.01 per share, use the Law of One Price to determine the current $/€ exchange rate.
No-Arbitrage and Security Prices AppendixLO1
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Related Book For 
Corporate Finance The Core
ISBN: 9781292431611
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo
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