Price discovery in Taiwan's foreign exchange market

Analysis of the emission of American Depositary Receipts of Brazilian companies through the extraction of linguistic summaries

“…Recent studies have been conducted in light of the increased globalization and integration of markets, as well as the predominance of electronic bids on the stock exchanges and the increasing use of robot traders, like the studies conducted between the ADRs traded on the NYSE and the stocks traded on the stock exchanges of Canada [10], [18], [17], Israel [24], Argentina, Egypt and Spain [23], [1] and China [5]. It is also worth noting works that addressed other dominant satellite markets, such as, with evaluation of the stocks listed on exchanges in Hong Kong and London [28], the stock markets of Taiwan [27], and for stocks traded on stock exchanges in Australia and New Zealand [20]. In general, the results indicate integration between markets, and that price discovery is predominantly performed in the local (stock) market.…”