Pinegar, J. Michael; Ravichandran, Ravi - In: Journal of Corporate Finance 16 (2010) 5, pp. 622-636
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...