Background Note | HBS Case Collection | January 2004

Cross-Border Listings and Depositary Receipts

by Mihir A. Desai, Maria Raga-Frances, Ami Dave, Mark Veblen and Kathleen Luchs


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.

Keywords: Financial Markets; Cross-Cultural and Cross-Border Issues; Business History; Research; Motivation and Incentives; United States;


Desai, Mihir A., Maria Raga-Frances, Ami Dave, Mark Veblen, and Kathleen Luchs. "Cross-Border Listings and Depositary Receipts." Harvard Business School Background Note 204-022, January 2004.