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Author
Zarzycka Ewelina
Title
Międzynarodowy rynek kwitów depozytowych
The International Market of Depository Receipts
Source
Bank i Kredyt, 2004, nr 3, s. 63-69, bibliogr. 12 poz.
Keyword
Kwity depozytowe, Instrumenty finansowe, Rynek papierów wartościowych, Emisja papierów wartościowych
Depository receipts, Financial instruments, Securities market, Securities emission
Note
summ.
Abstract
Celem artykułu jest przedstawienie międzynarodowego rynku kwitów depozytowych, który rozwija się od lat 20. XX wieku, a obecnie przeżywa rozkwit. Kwity depozytowe powstały w związku z poszukiwaniem przez inwestorów nowych sposobow dywersyfikacji inwestycji oraz przekroczenia barier narodowych, które stoją przed podmiotami zainteresowanymi inwestycjami w zagraniczne papiery wartościowe.

The paper presents the international market of depository receipts, which have been developing since the 1920s and is now in its heyday. Stock exchanges, such as NYSE, NASDAQ, AMEX, London Stock Exchange and Luxemburg Stock Exchange, which have decided to include depository receipts in their offer, are developing very rapidly at the moment. Requirements posed on companies by the first three of the stock exchanges mentioned above are relatively high. Little doubt however, the prestige of being listed on one of them is a serious asset for them. On the other hand, smaller companies may take advantage of lower requirements established by other stock exchanges like the ones in Berlin, Luxemburg or Frankfurt to add depository receipts to their portfolio. Also the geographical structure of companies issuing depository receipts has become more diversified. The numerous benefits of this type of securities are being recognised not only by companies from Western Europe, but also by those from Eastern Europe, Asia and South America. The introduction of depository receipts is the response to the investors' search for new ways of investment diversification which would be free of any national limitations characteristic of investments in foreign securities. The question worth asking is: What will be the future of the depository receipts market and what potential benefits can be obtained from its development? (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Bibliography
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  1. Admission and annual fees. April 2002. Materiały informacyjne London Stock Exchange, www.londonstockexchange.com
  2. Depositary Receipts. 2002 Half-Year Market Review. Global Investor and Issuer Services, Materiały The Bank of New York, www.bny.com
  3. FactBook 2003. Materiały informacyjne giełdy w Luksemburgu, www.bourse.lu
  4. Listing Requirements - London Stock Exchange, www.citibank.com, dane z grudnia 2002 r.
  5. Listing Requirements - Luxembourg Stock Exchange, www.citibank.com, dane z grudnia 2002 r.
  6. Listing Requirements NYSE. Materiały informacyjne Citibanku. www.citibank.com, dane z czerwca 2003 r.
  7. Materiały informacyjne Deutsche Bank, ADR Bulletin. American Depositary Receipts Outperform in Bear Market. www.bd.com
  8. Materiały informacyjne NASDAQ, www.nasdaq.com., stan na czerwiec 2003 r.
  9. "The ADR Investor". A monthly newsletter focusing on international investing. January 2003. www.adrbny.com
  10. The ADR Reference Guide 2002/2003. Materiały informacyjne JP Morgan, www.adr.com
  11. The ADR Reference Guide. Appendix G: U.S. listing requirements. Materiały JP Morgan, s.66, www.adr.com
  12. The year in review, DR capital raised, Materiały The Bank of New York, www.adrbny.com
Cited by
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ISSN
0137-5520
Language
pol
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