PT - JOURNAL ARTICLE AU - R Stephen Elliott AU - Mark Schaub TI - A Reassessment of the Performance of American Depository Receipts: <em>The Brazilian Experience</em> AID - 10.3905/jwm.2009.12.3.125 DP - 2009 Oct 31 TA - The Journal of Wealth Management PG - 125--131 VI - 12 IP - 3 4099 - https://pm-research.com/content/12/3/125.short 4100 - https://pm-research.com/content/12/3/125.full 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&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