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Mexican ADRs in the 90s: as good as expected?

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Author Info
Francois Boye () (Independent consultant)
Abstract

In the 90s, Mexican firms issued more than ever American Depository Receipts (ADRs), i.e, certificates of Mexican stocks, traded in U.S. markets and managed by U.S. depositories. This paper is about testing the top Mexican firms’ ADR for ability to: a) replicate the ups and downs of U.S. markets; b) outperform their U.S. peers; c) be an opportunity for diversification away from their U.S. peers. This paper’s finding is that only Telmex’s ADR passes the tests a), b) and c).

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File URL: http://www.economia.uahurtado.cl/pdf/publicaciones/mexican_adrs_vol22_n1_2007.pdf
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Publisher Info
Article provided by Ilades-Georgetown University, Economics Department in its journal Revista de Analisis Economico.

Volume (Year): 22 (2007)
Issue (Month): 1 (June)
Pages: 93-120
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Handle: RePEc:ila:anaeco:v:22:y:2007:i:1:p:93-120

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Related research
Keywords: ADRs; Emerging Markets; Portfolio Selection; Opportunity for Diversification; Test of Spanning.;

Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

References listed on IDEAS
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  3. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December. [Downloadable!] (restricted)
  4. Harvey, Campbell R, 1995. "Predictable Risk and Returns in Emerging Markets," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 8(3), pages 773-816. [Downloadable!] (restricted)
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  5. Huberman, Gur & Kandel, Shmuel, 1987. " Mean-Variance Spanning," Journal of Finance, American Finance Association, vol. 42(4), pages 873-88, September. [Downloadable!] (restricted)
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