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

Francois Boye ()
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Francois Boye: Independent consultant

Revista de Analisis Economico – Economic Analysis Review, 2007, vol. 22, issue 1, 93-120

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).

Keywords: ADRs; Emerging Markets; Portfolio Selection; Opportunity for Diversification; Test of Spanning. (search for similar items in EconPapers)
JEL-codes: F36 G11 G14 G15 (search for similar items in EconPapers)
Date: 2007
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