Depositary Receipts Boost Prices

Financial News, June 8, 2003 | Go to article overview

Depositary Receipts Boost Prices


Byline: Shanny Basar

Companies which have issued depositary receipts on US exchanges have increased their domestic share prices and liquidity, according to a new study.Share prices of companies with listed depositary receipt programmes rose by more than 10% and liquidity rose by an average 32% in the year after the new programme was established, said the report.

"In an equally-weighted investment strategy, this is equivalent to an impressive $208m ([euro]177m) of value being added to the portfolio by the end of the first year," it said.

Oxford Metrica, an independent consultancy, carried out the research, which was underwritten by the Bank of New York - the largest depository for American depositary receipts. It analysed 767 depositary receipt programmes, 334 US listed depositary receipts and 433 over-the-counter programmes. The report said: "This represents the majority of the full depositary receipt universe (of new programmes, upgrades, delistings, terminations and switches); all those for which sufficient data exists."

A depositary receipt is a certificate that represents a number of publicly traded shares in a non-US company in its domestic market and is sponsored by a US depositary bank. …

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