Foreign companies trade in American stock markets by issuing American depository receipts (ADR). Consider the stock price of a company trading in the stock exchange of its own country and the price of the corresponding ADR, which is traded in the U.S. stock exchange. What relation should you expect between ADRs and the national stock prices? Download the stock prices of a company that has ADRs and analyze the stationary properties of both series (national prices and ADRs). Are they cointegrated? Will you be able to forecast stock prices?