Eleswarapu, Venkat R.; Venkataraman, Kumar - In: Review of Financial Studies 19 (2006) 3, pp. 1081-1111
We conjecture that macro-level institutions affect equity trading costs through their impact on information risk and investor participation. In a study of trading costs for 412 NYSE-listed American Depository Receipts (ADRs) from 44 countries, we find that, after controlling for firm-level...