"Equity Investments":unsponsored depository receipt
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Questions 1:
The voting rights of an unsponsored depository receipt (DR) belong to the:
A. direct owners of the foreign common shares.
B. foreign company whose shares are held by the depository.
C. depository bank.
Questions 2:
A trader is able to obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns. This strategy exploits a marketpricing anomaly best described as:
A. the overreaction effect.
B. data mining.
C. momentum.
In the case of unsponsored DRs, the depository bank, not the investors in the DR, retains the voting rights.
A momentum anomaly occurs when securities that have experienced high short-term returns continue to generate higher returns in subsequent periods. Therefore, if a trader can obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns, then he or she is exploiting a momentum anomaly.
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