Question: 1. Did Repsol make a good decision in acquiring YPF in 19981999? 2. What is the difference between foreign direct investment and foreign portfolio investment?

1. Did Repsol make a good decision in acquiring YPF in 1998–1999?
2. What is the difference between foreign direct investment and foreign portfolio investment? Is this a relevant issue in the case?
3. What are American Depositary Receipts? Were they a useful tool for YPF in selling shares to the public?

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