2. The JPMorgan website www.adr.com provides online data on trading in ADRs. From this website, what are the top three most widely held ADRs by institutional investment in Asia? In Europe? Does there appear to be a similarity in industry (such as telecom)

represented by the top ADRs held by institutional investors in these two regions, or are they from a variety of different industries? Recall from the chapter that the effect of industrial structure on international stock returns is an unresolved issue.