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"Equity Investments":unsponsored depository receipt
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Questions 1:
The voting rights of an unsponsored depository receipt (DR) belong to the:
A. direct owners of the foreign common shares.
B. foreign company whose shares are held by the depository.
C. depository bank.
Questions 2:
A trader is able to obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns. This strategy exploits a marketpricing anomaly best described as:
A. the overreaction effect.
B. data mining.
C. momentum.
View answer resolution
【Answer to question 1】（C）
【analysis】
In the case of unsponsored DRs, the depository bank, not the investors in the DR, retains the voting rights.
【Answer to question 2】（C）
【analysis】
A momentum anomaly occurs when securities that have experienced high short-term returns continue to generate higher returns in subsequent periods. Therefore, if a trader can obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns, then he or she is exploiting a momentum anomaly.
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