Depositary Receipts 1996

In 1995, foreign issuers were faced with the difficult task of trying to distract US investors away from high-rolling domestic US stocks, particularly in the high tech sector, and towards their own ADRs. It's a far cry from a few years back, when Wall Street returns paled in comparison to those of the emerging markets. But this kind of volatility is part of the risk ADR issuers face in opening up a new universe. Faced with the challenge, they are relying on investor relations programmes to