The US left behind? Financial globalization and the rise of IPOs outside the US

• 成果类型: Article
• 署名作者: Doidge, Craig; Karolyi, G. Andrew; Stulz, Rene M.
• 署名单位: University of Toronto; Cornell University; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.08.008
• 发表日期: 2013
• 页码: 546-573
• 关键词: Financial globalization; IPO; corporate governance

摘要

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. (C) 2013 Elsevier B.V. All rights reserved.