@article {Stephen Elliott125, author = {R Stephen Elliott and Mark Schaub}, title = {A Reassessment of the Performance of American Depository Receipts: The Brazilian Experience }, volume = {12}, number = {3}, pages = {125--131}, year = {2009}, doi = {10.3905/jwm.2009.12.3.125}, publisher = {Institutional Investor Journals Umbrella}, abstract = {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}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/12/3/125}, eprint = {https://jwm.pm-research.com/content/12/3/125.full.pdf}, journal = {The Journal of Wealth Management} }