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John Bethel's blog post from Aug. 24, 2006 on his website talks about the fact that some ADRs are very illiquid and the extra cost of buying foreign shares is worth getting more liquidity

ADR parity also assumes the free flow of currency and assets across borders. In many countries, this isn't the case, causing huge disparities between the local price and the ADR price. Case in point: India.

Bill Mann
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