Abstract
The American Depositary Receipt (ADR) security, developed nearly 80 years ago, remains a growing and efficient vehicle for U.S. investors to gain exposure to international equities. While the mechanics of cross-border investment flows can be often costly and complex, ADRs offer investors a convenient avenue for gaining exposure to a universe of 2,100 international issuers from more that 80 countries. Recent developments such as ADR-specific indexes and ADR-ordinary share cross-books are seen as contributing to ADR liquidity.
- © 2004 Pageant Media Ltd
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