TY - JOUR T1 - A Reassessment of the Performance of American Depository Receipts: <em>The Brazilian Experience</em> JF - The Journal of Wealth Management SP - 125 LP - 131 DO - 10.3905/jwm.2009.12.3.125 VL - 12 IS - 3 AU - R Stephen Elliott AU - Mark Schaub Y1 - 2009/10/31 UR - https://pm-research.com/content/12/3/125.abstract N2 - Long-term and short-term returns of Brazilian equities traded on the New York Stock Exchange listed as American Depository Receipts (ADRs) are examined to determine whether they outperform the S&amp;P 500 Index. The ADRs are segmented by IPOs, SEOs, and market timing. Findings suggest that the entire sample of Brazilian ADRs outperform the S&amp;P 500 Index in short-term and long-term holding periods. Furthermore, the SEOs significantly outperform the market in both the short-term and long-term holding periods, while IPOs perform similarly to the market. Evidence suggests that market timing is a key factor in Brazilian ADR performance. Returns tend to move counter-cyclically to the U.S. bear market.TOPICS: Security analysis and valuation, emerging, performance measurement ER -