Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
959600 | Journal of Financial Economics | 2013 | 28 Pages |
Abstract
From 1990 to 2011, the share of world IPO activity by non-U.S. firms increased because of financial globalization and because of a decrease in U.S. IPO activity. Financial globalization reduces the impact of national institutions on domestic IPO activity and enables more non-U.S. firms from countries with weak institutions to go public with a global IPO. U.S. IPO activity does not benefit from financial globalization. Compared to other countries, the rate of small-firm IPO activity in the U.S. is abnormally low in the 2000s. This abnormally low rate cannot be explained by the regulatory changes of the early 2000s.
Keywords
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Accounting
Authors
Craig Doidge, G. Andrew Karolyi, René M. Stulz,