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I examine several possible explanations for why Infosys' Depositary Receipts (DRs) trade at significant premiums to the equivalent underlying domestic shares. I find that a limited supply of DRs and a downward-sloping demand curve, significant transaction costs associated with investing directly in the domestic market, and trend-chasing by smaller and potentially uninformed investors partly explain the DR premiums. I also examine the wealth effects of non-capital raising secondary depositary receipt offerings by Infosys Technologies and find significant wealth transfers from existing DR holders to selling domestic shareholders who are comprised significantly of Infosys' founders.
...' domestic shares and DRs from home market annual reports and 20-F reports. I present these data in ...
..., and disbursement processing and reporting. The September, 2011 release 8.1 included the foll... Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended Marc...
...Consider Infosys Technologies, based in Bangalore, India, whose sto...Its annual report presents detailed results according to both...
..., taxation, and generating sales reports. Ritesh Idnani, COO, Infosys BPO said, "Infosys BP... Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended Marc...
..., and disbursement processing and reporting. About McCamish Systems and Infosys BPO . McCamish... Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended Marc...
... Index of Bank Sentiment[TM], which reports on U.S. bank executives' and consumers' views of t... Mangipudi, Global Head - Finacle, Infosys Technologies, "This study has established the stra... between the age of 21 and 70 with an annual household income of at least $25,000. Respondents ...
... available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 20...
...Fiscal 2009 revenue growth of 11.7% reported . BANGALORE, India -- Infosys Technologies (NASDAQ... Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended Marc...
... Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended Marc...
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