Some companies based in other countries list their stocks directly on U.S. exchanges and markets, without going through a depositary bank to issue ADSs. Many Canadian stocks, for example, trade on U.S. exchanges the same way they do on Canadian exchanges. So do major companies from other developed nations, including DaimlerChrysler and Celanese.
To list on a U.S. market, the issuing company must meet the listing requirements for that market and complete all of the same SEC filings a U.S. company does before being able to list. In some cases, selling shares in the U.S. enables the company to raise more capital than it might be able to by listing only in its home market. Another motive may be that if the company depends on the U.S. customers for substantial profits, it may feel it will benefit from establishing a presence in the U.S. stock market.
When you buy stock in these companies, you own shares directly, exactly as you do shares in a U.S. company. Dividends are paid in U.S. dollars, and you have the right to vote for the board of directors and on other corporate matters.
Jeffrey Rosensweig, Goizueta Business School, Emory University
Jeffrey Rosensweig, Goizueta Business School, Emory University 
