OPTIMAL LISTING POLICY FOR IPOsIN THE GERMAN FINANCIAL MARKET

Manfred Eckert ()
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Manfred Eckert: Faculty of Social Sciences, Department of Economics, University of Southampton, Highfield, Southampton, SO 17 1 BJ, United Kingdom

International Journal of Theoretical and Applied Finance (IJTAF), 2003, vol. 06, issue 03, 213-238

Abstract: Using an existing theoretical model, we investigate a firm's decision to go public empirically. In other words, should their shares be listed on either the 1st Market Segment, or on the Neuer Markt Segment (modelled on NASDAQ) of the Frankfurt Stock Exchange, provided the fact, that the listing requirements for both market segments are fulfilled is the major question of this paper.A binary choice model (the so-called dichotomous Probit-model) is used, i.e., a regression on a dummy dependent variable will be conducted, using also a mixture of qualitative and quantitative explanatory variables describing the particular market best, to test for German circumstances and conclusions are drawn.

Keywords: Stock exchange; IPOs; listing decision; Probit model (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (1)

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DOI: 10.1142/S0219024903001876

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