In this thesis, we analyze premium relationship of American depositary receipts (ADR) and their underlying shares. Several researchers have previously identified the main variables influencing the construction of ADR premium of cross-listed companies. The aim of this study is to investigate to what extent the main variables affect differently the construction of ADR premium in crisis period. For the purpose of the study, two periods are defined. The period from June 2006 to October 2007 represents the non-crisis period whereas the period from October 2007 to March 2009 represents the crisis period. Our cross-listing sample consists of companies that have level II and level III ADR listed on the NYSE and the NASDAQ over the two periods. The tested variables influencing the premium are the liquidity, the currency exchange rate, the home and US market and the volatility. The liquidity is measured according to two ratios, the Amihud ratio and the turnover ratio. The currency exchange rate is the current exchange rate denominated in US dollar. The home markets are the reference indexes of the home country to which the underlying share of the ADR belong. The S&P 500 Index is used as a proxy for the US market. Finally, the US market volatility is analyzed with the CBOE VIX volatility Index. Multiple and simple OLS regressions are used to analyze the impacts of variables on ADR premium. The T-statistic is chosen to test the explanatory power of variables. The regressions are divided in three main parts. The first one is dedicated to the liquidity variables, then the second one to the home and US market, currency exchange rate and CBOE VIX volatility Index. Finally the last part keeps only the variables with the stronger explanatory power in order to define two equations of the factor influencing mostly the premium. We have found that crisis strongly modifies the relationship between ADR premium and the main variables. In crisis period, the regressions show that liquidity becomes a factor with a greater explanatory power of ADR premium. However the other main variables experience the opposite effect with a much lower T-test in times of crisis. It seems that the currency exchange rate, the home and US market as well as the volatility lose their explanatory power in times of crisis to the benefit of liquidity variables.

Cotton makes up a majority of the world’s fiber market, with genetically engineered (GE) cotton the current staple of the US agricultural landscape. With GE cotton’s overall acceptance for US farmers and manufacturers, it is of concern that the majority of literature concerning GE crops primarily compares negative attitudes towards GE food crops in stricter economies such as the European Union. Due to the inadequate literature regarding both the market advantages and consumer perceptions of GE cotton specifically, this study was conceived to provide marketers with a baseline analysis of the factors that affect US consumers’ current attitudes (knowledge, risk perceptions, etc.) regarding GE cotton. Multiple regression analyses were used for our models which measured purchase intentions towards GE cotton and perceived risks of GE cotton based on both intrinsic and extrinsic factors. Paired and single t-tests were performed to predict the current positioning of GE cotton as a marketable alternative to organic and conventional cotton, and to determine which institutions consumer’s trust most for information on the risks and benefits of GE cotton. Our studies showed that while knowledge of cotton and agriculture is low, GE cotton was regarded more positively than conventional cotton with the potential to improve in consumer’s opinions. According to our findings, by efficiently communicating the benefits of GE cotton through trusted channels of communication (i.e. scientists, consumer organizations, the media), particularly addressing ethical concerns, policy regulation, and how the product is useful to the consumer individually, GE cotton could become a comparative market alternative to organic, at a greater available supply. / text