| 000 -LEADER |
|---|
| fixed length control field |
02756naa a2200277uu 4500 |
| 001 - CONTROL NUMBER |
|---|
| control field |
11238 |
| 003 - CONTROL NUMBER IDENTIFIER |
|---|
| control field |
OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION |
|---|
| control field |
20190211155346.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
030218s2000 xx ||||gr |0|| 0 eng d |
| 999 ## - SYSTEM CONTROL NUMBERS (KOHA) |
|---|
| Koha Dewey Subclass [OBSOLETE] |
PHL2MARC21 1.1 |
| 041 ## - LANGUAGE CODE |
|---|
| Language code of text/sound track or separate title |
eng |
| 100 1# - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
PETERSON, Craig A |
| 9 (RLIN) |
8365 |
| 245 10 - TITLE STATEMENT |
|---|
| Title |
Financial investment via ADRs in Mexico and South America |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
|---|
| Place of publication, distribution, etc. |
New York : |
| Name of publisher, distributor, etc. |
Marcel Dekker, |
| Date of publication, distribution, etc. |
2000 |
| 520 3# - SUMMARY, ETC. |
|---|
| Summary, etc. |
American depository receipts (ADRs) are dollar-denominated, negotiable istruments issued by a depository bank to represent ownership of a foreign security inthe bank's possession. They are the primary method employed by Latin American corporations to raise equity capital in the United States. One freqently overlooked aspects about ADRs is that their investment performance provinces a gauge not only on management's performance but also a measure of the foreign governmnet's ability to provide a political, legal, economic and social climate that is conducive to international investment. This paper investigates the returns and risks associated with foreign investiment in Mexico and South America. First, we show that the weekly returns to Latin American stocks are weakly correlated with the U.S. stock market which suggests that they can reduce the risk of a portfolio that is fully diversified within the U.S. market. Second, we find that ADRs from this region are more risky than U.S. common stocks. However, we find little evidence that foreign exchange rate risk should be a major factor in the investment decision. Third, we examines the effects of the devaluation of the Mexican peso and show that political factors can significantly increase the risk and reduce the return to foreign investment. Finally, the results show that investors do not pay a significantly larger relative transaction cost premium for investing in Mexican and South American equity vis-a-vis U.S. common stock. We conclude that ADRs provide the ability for the U.S. investor to realize potentially superior gains from companies located in these emerging economies. However, the willingness by the U.S. investor to disinvest means that politicans and managers have a powerful incentive to continue reforms that lead to improved standards of living for their citizens and employees |
| 590 ## - LOCAL NOTE (RLIN) |
|---|
| Local note |
Volume 23 |
| 590 ## - LOCAL NOTE (RLIN) |
|---|
| Local note |
Numbers 5-8 |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Investimento Estrangeiro |
| 9 (RLIN) |
13265 |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Banco de Investimento |
| 9 (RLIN) |
20081 |
| 651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME |
|---|
| Geographic name |
América Latina |
| 9 (RLIN) |
12710 |
| 651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME |
|---|
| Geographic name |
México |
| 9 (RLIN) |
13731 |
| 700 1# - ADDED ENTRY--PERSONAL NAME |
|---|
| Personal name |
O'SHAUGHNESSY, K. C. |
| 9 (RLIN) |
20082 |
| 773 08 - HOST ITEM ENTRY |
|---|
| Title |
International Journal of Public Administration - IJPA |
| Related parts |
23, 5-8, p. 1229-1252 |
| Place, publisher, and date of publication |
New York : Marcel Dekker, 2000 |
| International Standard Serial Number |
ISSN 01900692 |
| Record control number |
|
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Koha item type |
Periódico |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) |
|---|
| -- |
20030218 |
| Operator's initials, OID (RLIN) |
Lucima |
| Cataloger's initials, CIN (RLIN) |
Lucimara |
| 998 ## - LOCAL CONTROL INFORMATION (RLIN) |
|---|
| -- |
20101223 |
| Operator's initials, OID (RLIN) |
1034^b |
| Cataloger's initials, CIN (RLIN) |
Keicielle |
