In an integrated global equity market, cross-listed stocks and their domestic-market  counterparts should have the same price if they are simultaneously bought and sold in order  to profit from discrepancies in their pricing relations. Do some research on ADR mispricing  and answer the following questions:

a. What do studies find on deviations from price parity between stocks cross-listed in  the US in the form of ADRs and their domestic counterparts? Do regions and time  zones play important roles in ADR mispricing?

b. What are the identified factors (e.g. information environment, liquidity, policy  changes etc.) that could possibly influence the price deviations? Are ADR types important? What methods are commonly used in the empirical analysis?