A U.S. portfolio manager invests $1,000,000 in U.K. for a year and earns 17% on the investment while the spot rate moves from USD1.5000/GBP to USD1.5645/GBP. What is her total return?

		18.90%
		15.50%
		4.88%
		22.03%
		14.73%

The custodial bank (located in the home country of the issuer) of an American Depository Receipt

		Performs trading in the U.S. on behalf of the ADR holders
		Holds foreign shares on deposit
		Acts as a broker between U.S. investors and the foreign firm
		Performs trading outside the U.S. on behalf of the ADR holders
		Buys and sells the foreign shares based upon their inside information

Which one of the following statements is FALSE about billing of lading?

		An ordered bill of lading is used when the importer buys on credit
		The exporter receives a bill of lading from the shipping company upon shipping the order
		A bill of lading guarantees that the importer will not default on payment
		A straight bill of lading is used when the importer makes a cash payment
		A bill of lading serves as a contract that the exporter has shipped goods to specifications