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The Journal of Wealth Management

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Article

A Reassessment of the Performance of American Depository Receipts: The Brazilian Experience

R Stephen Elliott and Mark Schaub
The Journal of Wealth Management Winter 2009, 12 (3) 125-131; DOI: https://doi.org/10.3905/jwm.2009.12.3.125
R Stephen Elliott
is a professor of finance at the College of Business, Northwestern State University in Natchitoches, LA. elliott@nsula.edu
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  • For correspondence: elliott@nsula.edu
Mark Schaub
is a professor of finance at the College of Business, Northwestern State University in Natchitoches, LA. schaubm@nsula.edu
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  • For correspondence: schaubm@nsula.edu
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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.

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The Journal of Wealth Management: 12 (3)
The Journal of Wealth Management
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Winter 2009
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A Reassessment of the Performance of American Depository Receipts: The Brazilian Experience
R Stephen Elliott, Mark Schaub
The Journal of Wealth Management Oct 2009, 12 (3) 125-131; DOI: 10.3905/jwm.2009.12.3.125

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A Reassessment of the Performance of American Depository Receipts: The Brazilian Experience
R Stephen Elliott, Mark Schaub
The Journal of Wealth Management Oct 2009, 12 (3) 125-131; DOI: 10.3905/jwm.2009.12.3.125
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