Go to main content
Harvard Business School
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Campaign
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions

Faculty & Research

  • HOME
  • FACULTY
  • RESEARCH
    • Global Research Centers
    • HBS Case Collection
    • HBS Case Development
    • Initiatives & Projects
    • Publications
    • Research Associate (RA) Positions
    • Research Services
    • Seminars & Conferences
    Close
  • FEATURED TOPICS
    • Business and Environment
    • Business History
    • Entrepreneurship
    • Finance
    • Globalization
    • Health Care
    • Human Behavior and Decision-Making
    • Leadership
    • Social Enterprise
    • Technology and Innovation
    Close
  • ACADEMIC UNITS
    • Accounting and Management
    • Business, Government and the International Economy
    • Entrepreneurial Management
    • Finance
    • General Management
    • Marketing
    • Negotiation, Organizations & Markets
    • Organizational Behavior
    • Strategy
    • Technology and Operations Management
    Close

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

  • Print
  • Email

Abstract

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;

Format: Print 30 pages EducatorsPurchase

Citation:

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.

About the Author

Photo
Mihir A. Desai
Mizuho Financial Group Professor of Finance
Finance
Entrepreneurial Management

View Profile »
View Publications »

 

More from the Author

  • Case | HBS Case Collection | August 2015 (Revised October 2017)

    Turnaround at Norsk Gjenvinning (A)

    George Serafeim and Shannon Gombos

    Erik Osmundsen, CEO of Norsk Gjenvinning (NG), had initiated a program to eliminate corruption and improve compliance, and as a result the company had experienced a turnover of almost half of its top 70 line managers and strained relations with several competitors and the waste management industry association. Osmundsen had relentlessly pushed an agenda that involved transforming and professionalizing the waste management industry to mitigate instances of corruption and other crimes. Osmundsen was convinced that his turnaround strategy would be effective. Having brought employees on board, he was planning to relentlessly engage customers, regulators, and security agencies. It was still unclear though how fast customer demand for robust compliance programs would affect the competitive dynamics. How should NG go about convincing its customers? What could NG learn from companies in other industries that have relied on customer support to shift to responsible business practices? Did competitors that maintain non-compliant practices have an Achilles heel that NG could exploit? To what degree should NG drive change on its own in order to achieve customer differentiation vs. cooperate with competitors to bring the whole industry on board? What other mechanisms existed to level the playing field if NG did not succeed in convincing the customers?

    Keywords: change management; change leadership; Crime and Corruption; governance; Compliance; waste management; Environmental Impact; social responsibility; industry regulation; regulatory enforcement; Leading Change; Change Management; Crime and Corruption; Governance Compliance; Wastes and Waste Processing;

    Citation:

    Serafeim, George, and Shannon Gombos. "Turnaround at Norsk Gjenvinning (A)." Harvard Business School Case 116-012, August 2015. (Revised October 2017.)  View Details
    CiteView DetailsEducatorsPurchase Related
  • Background Note | HBS Case Collection | December 2004 (Revised October 2017)

    Subscriber Models

    Mihir Desai, Robin Greenwood, Scott Mayfield and Lucy White

    Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.

    Keywords: Valuation; Corporate Finance;

    Citation:

    Desai, Mihir, Robin Greenwood, Scott Mayfield, and Lucy White. "Subscriber Models." Harvard Business School Background Note 205-061, December 2004. (Revised October 2017.)  View Details
    CiteView DetailsEducatorsPurchase Related
  • Case | HBS Case Collection | January 2015 (Revised September 2017)

    Omar Selim: Building a Values-Based Asset Management Firm (A)

    George Serafeim, Rebecca Henderson and Shannon Gombos

    At Barclays Capital, Omar Selim had spearheaded the development of Arabesque—a new socially responsible asset management firm designed to appeal to all investors wishing to invest according to broadly held environmental and social values, as well as to investors wishing to align their investments with their faith. Should Selim give up a very successful career to compete in a highly competitive business, in which it could be very hard to build a differentiated offering? Could Arabesque be something different in the world of asset management? And what role, if any, should values and religious faith play in shaping the firm's products and conduct?

    Keywords: sustainability; ESG; social business; social entrepreneurship; social enterprise; entrepreneurs; scaling; emerging market entrepreneurship; not for profit; entrepreneurial finance; mentoring; business networks; hybrid nonprofit funding; Investing; investment management; Asset Management; Values and Beliefs; Religion; Personal Development and Career; Business Startups; Social Enterprise;

    Citation:

    Serafeim, George, Rebecca Henderson, and Shannon Gombos. "Omar Selim: Building a Values-Based Asset Management Firm (A)." Harvard Business School Case 115-021, January 2015. (Revised September 2017.)  View Details
    CiteView DetailsEducatorsPurchase Related
ǁ
Campus Map
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→ Map & Directions
→ More Contact Information
→ More Contact Information
→ More Contact Information
→ More Contact Information
  • HBS Facebook
  • Alumni Facebook
  • Executive Education Facebook
  • Michael Porter Facebook
  • Working Knowledge Facebook
  • HBS Twitter
  • Executive Education Twitter
  • HBS Alumni Twitter
  • Michael Porter Twitter
  • Recruiting Twitter
  • Rock Center Twitter
  • Working Knowledge Twitter
  • Jobs Twitter
  • HBS Youtube
  • Michael Porter Youtube
  • Executive Education Youtube
  • HBS Linkedin
  • Alumni Linkedin
  • Executive Education Linkedin
  • MBA Linkedin
  • Linkedin
  • HBS Google Plus
  • Executive Education Google Plus
  • HBS Instagram
  • Alumni Instagram
  • Executive Education Instagram
  • Michael Porter Instagram
  • HBS iTunes
  • Executive Education iTunes
  • HBS Tumblr
  • Executive Education Weibo
  • HBS Snapchat
  • Executive Education Wechat
  • →All Social Media
  • → All Social Media
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Terms of Use
Copyright © President & Fellows of Harvard College