In Panel B of Table 4, with or without control variables, issuances of ADRs have a positive impact on the efficiency of R&D investments. Investors' valuations of R&D investments are almost twice as large for companies that issue ADRs on stock exchanges in the U.S. More precisely, while the value of R&D for a firm is $4.80, it rises to $11.63 for firms that issue ADRs on stock exchanges in the U.S. (Level 2 and Level 3 ADRs).