Oxford Metrica, a global independent strategic advisor, conducts extensive research on the Depositary Receipt (DR) market. This analysis focuses on the value and home market liquidity effects of DR programs established by Latin American firms.
The analysis presented herein evaluates 325 Latin American DR programs over the last twenty-five years at all stages of their lifecycle; establishment, upgrade, delisting and termination. The signaling power from management to investors of the willingness to embrace more stringent disclosure requirements is far from trivial. For boards and investors, this research serves as a helpful guide to the potential value impact of key decisions relating to a Latin American firmís DR program.Download PDF File