TY - JOUR T1 - The Compelling Case for ADRs JF - ETFs and Indexing SP - 90 LP - 93 VL - 2004 IS - 1 AU - Bradley Katinas Y1 - 2004/09/21 UR - http://guides.pm-research.com/content/2004/1/90.abstract N2 - 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. ER -