An American depositary receipt (ADR) is a negotiable security that represents securities of a non-US company that trade in the US financial markets. Securities of a foreign company that are represented by an ADR are called American depositary shares (ADSs).
Shares of many non-US companies trade on US stock exchanges through ADRs. ADRs are denominated and pay dividends in US dollars and may be traded like regular shares of stock. Over-the-counter ADRs may only trade in extended hours.
The first ADR was introduced by J.P. Morgan in 1927 for the British retailer Selfridges.
Read more about American Depositary Receipt: Depositary Receipts, ADR Programs (facilities), Sourcing ADRs, ADR Termination
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“The quality of American life is an insult to the possibilities of human growth ... the pollution of American space, with gadgetry and cars and TV and box architecture, brutalizes the senses, making gray neurotics of most of us, and perverse spiritual athletes and strident self-transcenders of the best of us.”
—Susan Sontag (b. 1933)
“You must think I am a high-priced man.... Fifteen dollars is enough for the job. I send you a receipt for fifteen dollars, and return to you a ten-dollar bill.”
—Abraham Lincoln (1809–1865)