Pension policy and the IPO market

Hui-Ju Tsai and Yao-Min Chiang

Finance Research Letters, 2020, vol. 34, issue C

Abstract: We show that a country's pension policy can explain its initial public offering (IPO) activities. Countries with policies relying more on public pensions have fewer IPOs, and the issuances are more likely to be of small firms and in the nonmain markets. Countries depending less on public pensions are more likely to attract foreign firms to list in their markets, whereas firms from countries with higher public pension replacement rates are not more likely to leave their home countries to list abroad. The relationship between pension policies and IPOs in Europe, however, is not as significant as in other countries.

Keywords: Pension policy; IPO; Financial globalization (search for similar items in EconPapers)
JEL-codes: G15 G18 G32 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:34:y:2020:i:c:s1544612319302193

DOI: 10.1016/j.frl.2019.08.005

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