Explaining Premiums in Restricted DR Markets and Theri Implicartions: The Case of Infosys
以Infosys为例，分析其存托凭证相对国内股票存在显著溢价的原因，发现供给限制、交易成本和小投资者追涨行为是部分解释，并指出二次发行导致财富从存托凭证持有者向创始股东转移。
I examine several possible explanations for why Infosys' Deposirtary Receipts (DRs) trade at significant premiums to the equivalent underlying domestic shares. I find that a limited supply of DRs and a downwoard‐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.