We show that initial cross-listings are consistent with legal bonding for only a small fraction of Depositary Receipt issues between 1990 and 2000. We argue that subsequent equity issue patterns cannot be consistent with legal bonding for a greater fraction of the sample. However, using a...

We examine the relative prices of quot;siblingquot; American Depositary Receipts (ADRs). These ADRs are issued by the same foreign firms against shares with different voting rights. Though superior and inferior voting siblings begin their US trading experience at nearly equal values, relative...

Despite serious governance concerns revealed in Rule 144A and/or Regulation S Global Depositary Receipt (GDR) circulars, institutional investors voluntarily purchase these illiquid securities. Like issuers of Level III American Depositary Receipts (ADRs), GDR issuers exhibit strong pre-offer...