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The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S

Craig Doidge, G. Karolyi (gak56@cornell.edu) and René Stulz

Journal of Financial Economics, 2013, vol. 110, issue 3, 546-573

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: Financial globalization; IPO; Corporate governance (search for similar items in EconPapers)
JEL-codes: F3 G3 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (60)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinec:v:110:y:2013:i:3:p:546-573

DOI: 10.1016/j.jfineco.2013.08.008

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