Sevic, Aleksandar and Krishnamurti, Chandrasekhar and Sevic, Zeljko (2010) Determinants of choice of depositary receipt programs: an exploratory study. Managerial Finance, 36 (12). pp. 990-1006. ISSN 0307-4358
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Official URL: http://dx.doi.org/10.1108/03074351011088414
Identification Number or DOI: doi: 10.1108/03074351011088414
Purpose – The purpose of this paper is to perform an exploratory study of depositary receipts (DRs). In addition to the geographical analysis it tests several hypothesis linked to various DRs’ issues. Design/methodology/approach – Using the publicly available The Bank of New York’s (now The Bank of New York Mellon) database, descriptive statistics and logit analysis were applied. Findings – It is evident that smaller firms issue DRs in lower level programs apparently due to the considerable cost barriers; firms with larger capital expenditure plans prefer to issue under level III or Rule 144A DR programs and higher quality firms, proxied by lower leverage, are likely to make higher level DR issues. Research limitations/implications – The database is updated quite frequently and departures from enclosed findings are likely to occur in the years to come. Practical implications – Management interested in issuing DRs may become acquainted with the pattern exercised by both small and large companies, or by companies with specific capital structures. In this manner the listing demonstrates less uncertainty as long as it is possible for managers to ascertain and compare own companies’ features. Originality/value – The paper adds to the current literature regarding in-depth analysis of the DRs market.
|Item Type:||Article (Commonwealth Reporting Category C)|
|Additional Information:||Permanent restricted access to paper due to publisher copyright restrictions.|
|Uncontrolled Keywords:||securities; international investments; United States of America; accounting standards; raising capital|
|Fields of Research (FOR2008):||15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150201 Finance|
22 Philosophy and Religious Studies > 2201 Applied Ethics > 220102 Business Ethics
14 Economics > 1402 Applied Economics > 140210 International Economics and International Finance
|Socio-Economic Objective (SEO2008):||E Expanding Knowledge > 97 Expanding Knowledge > 970115 Expanding Knowledge in Commerce, Management, Tourism and Services|
|Deposited On:||13 Mar 2011 19:16|
|Last Modified:||30 Jan 2012 16:40|
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