The equity financing of projects typically is performed through direct equity investments by the developers in the project company. However, depositary receipts can be an innovative way of raising cross-border equity capital for project financing.1 This chapter provides an overview of the main features of depositary receipts, particularly the American depositary receipts (ADRs) and the global depositary receipts (GDRs).


Market Maker Dividend Payment Depositary Bank International Financial Market American Depositary Receipt 
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© Kluwer Academic/Plenum Publishers 1999

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