Cross-Border Listings and Depositary Receipts
Mihir A. Desai
Harvard Business School - Finance Unit; National Bureau of Economic Research (NBER)
HBS Publishing Case No.: 9-204-022
This case describes the varied instruments that have evolved to facilitate investments in foreign corporations, emphasizing American Depositary Receipts (ADRs) and cross-border listings. It describes the different types of ADRs and the regulatory requirements foreign corporations must meet to list their shares on U.S. stock exchanges. It examines the evolution of cross-border listings as well as recent developments, such as Globally Registered Shares. It also reviews the academic research on the motivations for cross-border listings and provides information on managerial views on the advantages and disadvantages of cross-border listings.
working papers series
Date posted: August 18, 2006
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