Las Depositary Shares
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Depositary Shares Cross Quotation Of Securities In Foreign Markets Las Depositary Shares La Negociaci N Cruzada De Valores En Mercados Extranjeros
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Author : Francisco Marcos
language : en
Publisher:
Release Date : 2009
Depositary Shares Cross Quotation Of Securities In Foreign Markets Las Depositary Shares La Negociaci N Cruzada De Valores En Mercados Extranjeros written by Francisco Marcos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Issuance and transfer of securities in the international stock markets raise puzzling legal issues. Several legal topics and various national legal orders may be called upon. This book unravels the legal characteristics of the main instrument that foreign corporations have used from 1927 to issue securities and to ease their marketability, transfer and quotation in foreign stock markets, making possible and accommodating the exercise of the corresponding economic and political rights: the Depositary Shares.The first part of the book settles the conceptual foundations of this financial instrument and follows its historical evolution (chapter 1), describing its economic characteristics (chapter 2) and the types of Depositary Shares available in practice (chapter 3). Depositary Shares are derivative instruments built upon an underlying security previously issued by a foreign corporation according to the requirements and conditions of its legal order and normally apt to be negotiated in the corporation's domestic market. The second part of the book studies the features of Depositary Shares from a legal perspective, deepening the analysis of the contracts through which these financial instruments are created; in which fiduciary elements are predominant (chapter 4). Depositary Shares' fiduciary nature has relevant consequences and conditions depositary bank's obligations and liabilities, as well as the rights of the Depositary Shares' holder. Depositary Receipts are also examined as the material representation of Depositary Shares, focusing on how they're issued and transferred. Special attention is given to how Depositary Shares fit in U.S. federal and States' securities regulation, as Depositary Shares have most widely been used in these markets (chapter 5). Finally, the rights of Depositary Shares' holders are analyzed, describing how the rights granted by underlying shares are transferred to Depositary Shares' holders, paying special attention to the most relevant shareholders' rights: right to information, right to vote, right to dividends and pre-emption rights. Problems arising from the use of Depositary Shares and the rules regarding acquisition of their own shares by foreign corporations and tender offers are also briefly considered (chapter 6).
Las Depositary Shares
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Author : Francisco Marcos
language : de
Publisher: Civitas
Release Date : 2007-01-01
Las Depositary Shares written by Francisco Marcos and has been published by Civitas this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Education categories.
La emisión y transmisión de valores mobiliarios en los mercados bursátiles internacionales suscita una rica problemática jurídica. En efecto, son varias las disciplinas jurídicas que pueden entrar en juego y los ordenamientos nacionales que pueden ser objeto de aplicación. Este libro analiza y desentraña los perfiles y las características jurídicas del principal instrumento que las sociedades utilizan desde 1927 para emitir valores y facilitar su negociación en mercados extranjeros, posibilitando y acomodando el ejercicio de los correspondientes derechos económicos y políticos: las "Depositary Shares". La primera parte del libro sienta las bases conceptuales de este instrumento financiero y su evolución histórica (capítulo 1), describiendo sus características económicas (capítulo 2) y la tipología de"Depositary Shares" disponibles en la práctica (capítulo 3). Las "Depositary Shares" son instrumentos financieros derivados que se construyen a partir de valores subyacentes emitidos previamente por una sociedad de acuerdo con las exigencias de su respectivo estatuto jurídico y normalmente aptos para la negociación en el mercado doméstico de la sociedad. Las "Depositary Shares" constituyen valores subrogados de aquéllos y atribuyen por derivación a su titular los derechos que se reconozcan sobre los valores subyacentes. La segunda parte del libro estudia las características y las particularidades de las "Depositary Shares" desde la perspectiva jurídica, deteniéndose en el examen detallado de los contratos a través de los que se construyen estos instrumentos financieros, en los que destacan sobremanera los elementos fiduciarios (capítulo 4). Las consecuencias de la naturaleza fiduciaria de las "Depositary Shares" son de una extraordinaria relevancia y condicionan tanto el régimen de obligaciones y responsabilidades del banco depositario que las crea, cuanto los derechos del titular. Se examinan también brevemente los "Depositary Receipts" como manifestación cartular de las "Depositary Shares", sus características y las circunstancias en que se produce su emisión y circulación. Se presta especial atención al encaje de las "Depositary Shares" en los requisitos y obligaciones que impone la regulación de los mercados de valores norteamericanos, donde estos instrumentos han experimentado una mayor utilización y desarrollo (capítulo 5). Finalmente, se analizan los derechos inherentes a la titularidad de las "Depositary Shares" y las complejidades que suscita la operación de derivación de los derechos reconocidos sobre los valores subyacentes, prestando especial atención a los derechos sociales de mayor relevancia: derecho de información, derecho de voto, derecho al dividendo y derecho de suscripción preferente. Se consideran también algunos de los problemas derivados de la aplicación de la disciplina de los negocios sobre las acciones propias y las participaciones recíprocas en caso de utilización de "Depositary Shares", así como la mecánica y el funcionamiento de estos instrumentos en caso de ofertas públicas de adquisición sobre la sociedad extranjera emisora de los valores subyacentes (capítulo 6).
Sec Docket
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Author : United States. Securities and Exchange Commission
language : en
Publisher:
Release Date : 1993
Sec Docket written by United States. Securities and Exchange Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Securities categories.
Fundamentals Of Investments
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Author : Gordon J. Alexander
language : en
Publisher: Pearson Educación
Release Date : 2001
Fundamentals Of Investments written by Gordon J. Alexander and has been published by Pearson Educación this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
This introduction provides a clear framework for understanding and analyzing securities, and covers the major institutional features and theories of investing. While the book presents a thorough discussion of investments, the authors keep the material practical, relevant, and easy to understand. The latest developments in investments are brought to life through the use of tables, graphs, and illustrations that incorporate current market information and academic research. An international content deals directly with international securities and securities markets throughout the book--along with currency management and interest rate parity. Up-to-date "Money Matters" articles reflect the latest real-world developments and are provided throughout each chapter to give readers a sense of how practitioners deal with various investment issues and use techniques. Other coverage includes an array of investment tools--presented through discussions on stocks, bonds, and other securities such as options and futures. A guide to reviewing, forecasting, and monitoring--for individuals preparing to make investments or take the CFA exam.
Nyse Ipo Guide
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Author : Stacey Cunningham
language : en
Publisher:
Release Date : 2021-04-15
Nyse Ipo Guide written by Stacey Cunningham and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-15 with categories.
The New York Stock Exchange's officially-branded IPO Guide
Code Of Federal Regulations
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Author :
language : en
Publisher:
Release Date : 2005
Code Of Federal Regulations written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Administrative law categories.
Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries.
Shareholders Rights
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Author : Alessandro Varrenti
language : en
Publisher: Sweet & Maxwell
Release Date : 2011
Shareholders Rights written by Alessandro Varrenti and has been published by Sweet & Maxwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
This first edition of 'Shareholders' Rights' provides essential reading for international corporate lawyers and general counsel.As European directives help develop and shape the harmonisation of the law and legal systems, access to the latest information on a country-by-country basis is a must for international practitioners.This comparative guide collates information from leading international corporate lawyers from each of the 29 jurisdictions covered, providing law firms and general counsel with an insight into the key issues that arise.
The Effects Of Market Segmentation And Investor Recognition On Asset Prices
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Author : Stephen R. Foerster
language : en
Publisher:
Release Date : 2001
The Effects Of Market Segmentation And Investor Recognition On Asset Prices written by Stephen R. Foerster and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Non-U.S. firms cross-listing shares on U.S. exchanges as American Depositary Receipts earn cumulative abnormal returns of 19 percent during the year before listing, an additional 1.20 percent during the listing week, but incur a loss of 14 percent during the year following listing. We show how these unusual share price changes are robust to changing market risk exposures and are related to an expansion of the shareholder base and to the amount of capital raised at the time of listing. Our tests provide support for the market segmentation hypothesis and Merton?s (1987) investor recognition hypothesis.
List Of Stocks Registered On A National Securities Exchange And Of Redeemable Securities Of Certain Investment Companies
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Author : Board of Governors of the Federal Reserve System (U.S.)
language : en
Publisher:
Release Date : 1946
List Of Stocks Registered On A National Securities Exchange And Of Redeemable Securities Of Certain Investment Companies written by Board of Governors of the Federal Reserve System (U.S.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1946 with categories.
Annual Report
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Author : Corporacion EDC
language : en
Publisher:
Release Date : 1998
Annual Report written by Corporacion EDC and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Corporations categories.