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Which of the following statements is false? a. An American depositary receipt (ADR) is a negotiable certificate issued by a U.S. bank b. American Depository

Which of the following statements is false? a. An American depositary receipt (ADR) is a negotiable certificate issued by a U.S. bank b. American Depository Receipts (ADRs) are a popular way to invest in foreign companies. c. Owners of ADRs own stock in the underlying company. d. Political, exchange rate, and inflationary risks should be considered when investing in ADR.

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