The impacts of issuing global depository receipts (GDRs) on corporate value is mixed, this paper examines the short-term and long-term effects associated with the initial issuance of GDRs made by firms listed on Taiwan Stock Exchange. Our results show that the announcements of issuing GDRs are not accompanied with a significant effect on stock price for the whole sample, but companies with larger growth opportunity, smaller size, lower prior stock return, higher export ratio or greater information asymmetry would be associated with better short-term or long-term effect. Furthermore, we find those announcements before the financial liberalization would have better stock price effects as well.