Which of the following is NOT true about American Depository Receipts (ADRs)?

A. ADRs are claims issued by U.S. financial intermediaries (FIs) against shares in foreign companies, with the shares held in custody by financial intermediaries for investors.

B. ADRs are issued in the U.S. and are denominated in U.S. dollars. All cash flows to the investor are in dollars.

C. An ADR enhances a companys visibility, status and profile in the U.S. and internationally among investors.

D. An ADR decreases the foreign firms U.S. liquidity (and potentially total global issuer liquidity).

E. All of the above are true.

In secondary stock markets, brokers earn ____ , dealers earn ____.

A. commissions; commissions

B. commissions; bid-ask spread

C. underwriter's spread; bid-ask spread

D. bid-ask spread; commissions

E. bid-ask spread; underwriter's spread