Depositary receipts : instruments of international finance

Abstract

During the seven decades since the first Depository Receipt was issued in 1977 by a predecessor of Morgan Guaranty Trust, little attention has been paid to this increasingly important financial instrument and the benefits it reaps to issuing foreign corporations and institutions, mutual funds and retail investors. Yet, as of recent years, Depositary Receipt programs are on the increase. Each year seems to be another "record" year, as the total number of programs, trading volume, capital raised and number of new programs established continues to rise. Indeed, Depositary Receipts have come of age, as will be seen throughout this dissertation.