An ADR is an American depositary receipt in its entire form. An ADR is a negotiable paper issued by a US depositary bank that typically represents one proportion of a foreign firm's equity by a certain number of shares. The depositary bank acts as agent for the foreign issuer, who retains the right to determine how and when dividends are paid and other distributions made from the net income of the company. Investors around the world can purchase American Depositary Shares (ADSs) to gain access to this information. The ADS is listed on the New York Stock Exchange under the symbol 'ADR.' As with all stock trades, there is a buyer-seller exchange between each investor and the company whose stock is being traded. The price at which an investor buys or sells ADSs reflects the value of the information being sold: the higher the price, the more valuable the information believed to be contained therein. The depositary bank charges fees for storing and handling information and securities, as well as any other ancillary services it provides to investors. These fees are generally borne by the issuing company, although in some cases they may be passed on to the investor. Because the depositary bank is always a US entity, investors from outside the United States can only purchase ADSs through US brokers or financial institutions. Companies issue ADRs to raise capital, as well as for other reasons.