Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector
Ongoing privatization and financial liberalization in emerging economies have let to continuous growth in the number of depository receipt offerings from these countries. Asian and Latin American companies have been the biggest source of offerings....
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| Format: | Viewpoint |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/1998/04/441742/tapping-international-equity-markets-through-depository-receipts-lessons-telecoms-sector http://hdl.handle.net/10986/11555 |
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okr-10986-115552021-06-14T11:03:24Z Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector Mustafa, Mohammad A. Fink, Carsten ACCOUNTING ARBITRAGE CAPITAL MARKETS COMPANY CORPORATE GOVERNANCE CORPORATION CUSTODIAN DEPOSITORY DEPOSITORY RECEIPTS DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS ECO FOREIGN CAPITAL FOREIGN COMPANIES FOREIGN OWNERSHIP INTERNATIONAL MARKETS ISSUERS LIQUIDITY NASDAQ NYSE OFFERINGS INTERNATIONAL CAPITAL MARKETS LIQUIDITY TELECOMMUNICATIONS SHAREHOLDING STRUCTURE PERFORMANCE CORPORATE VALUE FINANCIAL PERFORMANCE INDICATORS ACCOUNTING STANDARDS DISCLOSURE LAWS & REGULATIONS STOCK PRICE FORECASTING STOCK PRICES Ongoing privatization and financial liberalization in emerging economies have let to continuous growth in the number of depository receipt offerings from these countries. Asian and Latin American companies have been the biggest source of offerings. The main advantages of depository receipts stem from the greater market depth and liquidity offered by international capital markets: telecommunications companies are sometimes too big for local markets to absorb, and more active trading attracts a wider shareholder base, implies continuous evaluation of a company's value, and increases management's accountability for a company's financial performance. International offerings also enhance the legitimacy of shares because companies must comply with transparent accounting rules and strict disclosure standards in the host market. Experience has shown that to guard against failure of a depository receipt issue, much effort needs to be put into choosing the right type of depository receipts, marketing the issue, forecasting investor demand, and determining the share price. 2012-08-13T15:23:01Z 2012-08-13T15:23:01Z 1998-04 http://documents.worldbank.org/curated/en/1998/04/441742/tapping-international-equity-markets-through-depository-receipts-lessons-telecoms-sector http://hdl.handle.net/10986/11555 English Viewpoint: Public Policy for the Private Sector; Note No. 140 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNTING ARBITRAGE CAPITAL MARKETS COMPANY CORPORATE GOVERNANCE CORPORATION CUSTODIAN DEPOSITORY DEPOSITORY RECEIPTS DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS ECO FOREIGN CAPITAL FOREIGN COMPANIES FOREIGN OWNERSHIP INTERNATIONAL MARKETS ISSUERS LIQUIDITY NASDAQ NYSE OFFERINGS INTERNATIONAL CAPITAL MARKETS LIQUIDITY TELECOMMUNICATIONS SHAREHOLDING STRUCTURE PERFORMANCE CORPORATE VALUE FINANCIAL PERFORMANCE INDICATORS ACCOUNTING STANDARDS DISCLOSURE LAWS & REGULATIONS STOCK PRICE FORECASTING STOCK PRICES |
| spellingShingle |
ACCOUNTING ARBITRAGE CAPITAL MARKETS COMPANY CORPORATE GOVERNANCE CORPORATION CUSTODIAN DEPOSITORY DEPOSITORY RECEIPTS DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS ECO FOREIGN CAPITAL FOREIGN COMPANIES FOREIGN OWNERSHIP INTERNATIONAL MARKETS ISSUERS LIQUIDITY NASDAQ NYSE OFFERINGS INTERNATIONAL CAPITAL MARKETS LIQUIDITY TELECOMMUNICATIONS SHAREHOLDING STRUCTURE PERFORMANCE CORPORATE VALUE FINANCIAL PERFORMANCE INDICATORS ACCOUNTING STANDARDS DISCLOSURE LAWS & REGULATIONS STOCK PRICE FORECASTING STOCK PRICES Mustafa, Mohammad A. Fink, Carsten Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| relation |
Viewpoint: Public Policy for the Private Sector; Note No. 140 |
| description |
Ongoing privatization and financial
liberalization in emerging economies have let to continuous
growth in the number of depository receipt offerings from
these countries. Asian and Latin American companies have
been the biggest source of offerings. The main advantages of
depository receipts stem from the greater market depth and
liquidity offered by international capital markets:
telecommunications companies are sometimes too big for local
markets to absorb, and more active trading attracts a wider
shareholder base, implies continuous evaluation of a
company's value, and increases management's
accountability for a company's financial performance.
International offerings also enhance the legitimacy of
shares because companies must comply with transparent
accounting rules and strict disclosure standards in the host
market. Experience has shown that to guard against failure
of a depository receipt issue, much effort needs to be put
into choosing the right type of depository receipts,
marketing the issue, forecasting investor demand, and
determining the share price. |
| format |
Publications & Research :: Viewpoint |
| author |
Mustafa, Mohammad A. Fink, Carsten |
| author_facet |
Mustafa, Mohammad A. Fink, Carsten |
| author_sort |
Mustafa, Mohammad A. |
| title |
Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| title_short |
Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| title_full |
Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| title_fullStr |
Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| title_full_unstemmed |
Tapping International Equity Markets Through Depository Receipts : Lessons from the Telecoms Sector |
| title_sort |
tapping international equity markets through depository receipts : lessons from the telecoms sector |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/1998/04/441742/tapping-international-equity-markets-through-depository-receipts-lessons-telecoms-sector http://hdl.handle.net/10986/11555 |
| _version_ |
1764417158376325120 |