American and global depositary receipt (DR) programs established by companies from emerging markets boost their domestic share prices and improve their home-market liquidity, according to a study conducted by independent research firm Oxford Metrica and sponsored by BNY Mellon. The research found that shareholder value rose on average by up to 20 percent over one year and share liquidity improved by 40 percent over one year as a result of listing a DR program on a U.S. or European stock exchange. The DR programs of 628 firms were analyzed, covering the period from 1980 to 2007.
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