RT Journal Article SR Electronic T1 A Reassessment of the Performance of American Depository Receipts: The Brazilian Experience JF The Journal of Wealth Management FD Institutional Investor Journals SP 125 OP 131 DO 10.3905/jwm.2009.12.3.125 VO 12 IS 3 A1 R Stephen Elliott A1 Mark Schaub YR 2009 UL https://pm-research.com/content/12/3/125.abstract AB 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&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&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