Mexican ADRs in the 90s: As Good as Expected?

  • François Boye Independent Consultant


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).
How to Cite
Boye, F. (1). Mexican ADRs in the 90s: As Good as Expected?. Economic Analysis Review, 22(1), 93-120. Retrieved from