{"slug":"how-adrs-work-ratios-and-fees","qid":"adr_pay_lag","label":"Days from ex-dividend date to payment, four years of distributions","post_title":"How ADRs Work: Ratios, Fees and Dividends","post_url":"/blog/how-adrs-work-ratios-and-fees#q-adr_pay_lag","columns":["ticker","avg_days_ex_to_pay","longest_days_ex_to_pay"],"rows":[{"ticker":"BTI","avg_days_ex_to_pay":43.5,"longest_days_ex_to_pay":48},{"ticker":"UL","avg_days_ex_to_pay":29.4,"longest_days_ex_to_pay":42},{"ticker":"TSM","avg_days_ex_to_pay":26.8,"longest_days_ex_to_pay":28},{"ticker":"PG","avg_days_ex_to_pay":25.8,"longest_days_ex_to_pay":28},{"ticker":"KO","avg_days_ex_to_pay":17.1,"longest_days_ex_to_pay":19},{"ticker":"JNJ","avg_days_ex_to_pay":14.7,"longest_days_ex_to_pay":18},{"ticker":"SAP","avg_days_ex_to_pay":10.5,"longest_days_ex_to_pay":12},{"ticker":"NVO","avg_days_ex_to_pay":9.7,"longest_days_ex_to_pay":11}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(avg(dateDiff('day', ex_dividend_date, pay_date)), 1) AS avg_days_ex_to_pay,\n    max(dateDiff('day', ex_dividend_date, pay_date))           AS longest_days_ex_to_pay\nFROM\n(\n    SELECT\n        ticker,\n        ex_dividend_date,\n        any(pay_date) AS pay_date\n    FROM global_markets.stocks_dividends\n    WHERE ticker IN ('TSM', 'NVO', 'SAP', 'UL', 'BTI', 'KO', 'JNJ', 'PG')\n      AND ex_dividend_date >= today() - 1460\n      AND ex_dividend_date <  today()\n    GROUP BY ticker, ex_dividend_date\n)\nWHERE pay_date > ex_dividend_date\nGROUP BY ticker\nORDER BY avg_days_ex_to_pay DESC","computed_at":"2026-08-22T04:08:23.452065+00:00","elapsed":0.041920116}