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dc.contributor.authorYuan, Tian
dc.contributor.authorGupta, Rakesh
dc.contributor.authorRoca, Eduardo
dc.date.accessioned2018-07-10T04:09:41Z
dc.date.available2018-07-10T04:09:41Z
dc.date.issued2016
dc.identifier.issn1068-0896
dc.identifier.doi10.3905/joi.2016.25.2.018
dc.identifier.urihttp://hdl.handle.net/10072/99589
dc.description.abstractAmerican depositary receipts (ADRs) are typically issued by a U.S. depository bank to represent shares in non-U.S. companies. This article seeks to identify whether investing in ADR market indexes provides greater diversification benefits for U.S. investors compared with those gained from investing in foreign stock market indexes. Using data from the world’s four largest emerging markets—Brazil, Russia, India, and China (BRIC), the authors find that diversification benefits tend to vary with time and investors diversifying into the ADR market can enjoy higher rewards for the level of risk. The incremental wealth may be attributed to the default security analysis, resulting in a nonmarket premium for investors.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherInstitutional Investor Journals Group
dc.relation.ispartofpagefrom18
dc.relation.ispartofpageto27
dc.relation.ispartofissue2
dc.relation.ispartofjournalJournal of Investing
dc.relation.ispartofvolume25
dc.subject.fieldofresearchInvestment and risk management
dc.subject.fieldofresearchcode350208
dc.titleWhy Not Diversify into Emerging Equity Markets via ADRs?
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.hasfulltextNo Full Text
gro.griffith.authorGupta, Rakesh


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