Oxford Metrica, a global independent strategic advisor, conducted extensive Depositary Receipt (DR) research, which revealed that companies which have launched DR programs on U.S. exchanges have increased the value of their share prices in their local markets by up to 10 per cent over one year and have improved liquidity by 27% on average. Terminating a DR has the opposite effect, dropping a company's share price by up to 25 per cent over a year. The research was conducted on a representative universe of 767 DR programs between 1980 and 2003.
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