TITLE

Investing in Emerging Equity Markets: The Case of Chinese ADRs versus B Shares

AUTHOR(S)
Ursel, Nancy; Xiaohua Lin; Li, Jessica
PUB. DATE
September 2006
SOURCE
Multinational Business Review (St. Louis University);Fall2006, Vol. 14 Issue 2, p83
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Chinese companies have recently started listing ADRs in North American stock exchanges and thus offered an alternative venue for Western investors whose access to the Chinese market has largely been limited to the illiquid B shares. Are ADRs a good substitute for investing in Chinese B Shares? We examine characteristics of return distributions for indices of Chinese shares and an index of Chinese ADRs. We also compare efficient frontiers for portfolios including Chinese shares and Chinese ADRs and compute possible portfolio allocations. We find that investing in Chinese ADRs does not provide a risk/return tradeoff similar to direct investment in Chinese stock exchanges.
ACCESSION #
31404879

 

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