THE PERFORMANCE OF AMERICAN DEPOSITARY RECEIPTS AN INDUSTRY ANALYSIS
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This paper analyzes the industry performance of ADRs over eleven years(1995-2005) and the results show that ADR returns vary by industry grouping. A comparison of ADR returns to a matched sample of domestic equity portfolios reveals that although both portfolios have similar average monthly returns., the associated risk varies. Reward-to-risk ratios suggest that an investor should hold a portfolio that includes the following domestic industries. Semiconductors, electronics, insurance, media, banking, good, electric, beverages, and oil/gas, and ADRs from the software, telecommunications, Internet, automotive, pharmaceuticals, airlines, and mining industiries.
Abstract
This paper analyzes the industry performance of ADRs over eleven years(1995-2005) and the results show that ADR returns vary by industry grouping. A comparison of ADR returns to a matched sample of domestic equity portfolios reveals that although both portfolios have similar average monthly returns., the associated risk varies. Reward-to-risk ratios suggest that an investor should hold a portfolio that includes the following domestic industries. Semiconductors, electronics, insurance, media, banking, good, electric, beverages, and oil/gas, and ADRs from the software, telecommunications, Internet, automotive, pharmaceuticals, airlines, and mining industiries.
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