Devaluation expectations based on cross-listed stocks: evidence for financial crises in Argentina then and now: Applied Economics Letters: Vol 21, No 10

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Abstract

I use the relative prices of American Depositary Receipts and their underlying stocks to derive devaluation expectations. I find that stockholders currently perceive an overvalued peso. Devaluation expectations are driven by the incentive of competitive devaluation and sovereign default risk.

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Devaluation expectations based on cross-listed stocks: evidence for financial crises in Argentina then and now

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