Word: adrs
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Jonathan W. Lewellen, an associate professor of finance at the MIT Sloan School of Management, said in an interview yesterday that while ADR and local shares generally fluctuate in harmony, it is “conceivable” that the shares in Hong Kong were more cost effective...
According to Harvard’s most recent filing with the Securities and Exchange Commission, made last Friday, Harvard also holds 10,000 ADR shares of Sinopec, a Chinese energy giant whose latest business ventures present a similar problem for human rights and US interests. This $205,000 stake in the company is worrisome for two reasons...
...ADR is a certificate of ownership interest in a foreign company. In this case, each ADR represents 100 shares of stock in Surgut—or approximately $130 million in all—according to Harvard’s arbitration claim...
According to Harvard’s claim, the University and Surgut agree the rate for each ADR is 10 percent of the company’s net profits, divided by the total preferred shares...
...NATURAL RESOURCES The price of metals and other raw materials is rising. Bernard Horn, manager of the Polaris Global Value fund, is overweighting resource-rich South Africa and buying the stocks of materials companies around the globe like paper firms Sappi in South Africa (ADR up 18% in the past 12 months) and Svenska Cellulosa, or SCA, in Sweden (ADR up 8%). Other countries rich in natural resources and poised for outsize benefit are Australia and Canada...