This research paper aims at studying dual listing on American stock markets thanks to ADRs programs and the interest for European companies. The main question addressed by this paper can be summarized as follows: “is there any gain for European companies using ADR programs”?
A data survey based on existing theories about ADRs was carried out. As a conclusion, it seems that our hypothesis (dual listing on US markets implies lower market risk and reduction of cost of capital) cannot be verified. ADRs programs seem no longer effective.