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In this study, we examine NYSE-listed American Depository Receipts from Chile to determine overall short and long-term investment performance and whether the type of issue (IPO versus SEO) affects ADR performance relative to the S&P 500. Short-term performance suggests Chilean ADRs did not perform significantly different than the market index. However, the Chilean ADRs significantly underperformed the S&P 500 by over 32 percent during the three-year trading horizon. In comparing long-run excess returns of SEOs versus those of IPOs, the SEO subset performed similar to the market while the IPOs significantly underperformed the market index by 45 percent. These results provide evidence that the type of issue (IPO versus SEO) affects portfolio returns when investing in Chilean ADRs.

Performance Of Chilean ADRs On The New York Stock Exchange