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American Depositary Receipt |
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American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADR's are "sponsored," the corporation provides financial information and other assistance to the bank and may subsidize the administration of the ADR. "Unsponsored" ADRs do not receive such assistance. ADRs are subject to the same currency, political, and economic risks as the underlying foreign share. Arbitrage keeps the prices of ADRs and underlying foreign shares, adjusted for the SDR/ordinary ratio essentially equal. American depository shares (ADS) are a similar form of certification. |
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? Mentioned in | ? References in periodicals archive | |
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sources say: Investors buy Venezuelan shares in bolivars of telecom
CANTV, then swap them for American Depositary Receipts in New York. GI covers American Depositary Receipts,
closed-end country funds, WEBS, and foreign stocks based in the U. -based companies, but those located overseas must be purchased
through American Depositary Receipts or Shares (ADRs or ADSs), vouchers
representing blocks of stocks that are held by intermediaries such as
banks or brokers. |
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American Depositary Receipts