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Who benefits from market integration? A comparative study of Yankee IPOs from high and low integrated markets

Kuntara Pukthuanthong ()
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Kuntara Pukthuanthong: San Diego State University, Postal: 5500 Campanile Drive San Diego, CA 92182-8230,

Journal of Financial Transformation, 2009, vol. 26, 116-130

Abstract: We present comparative analyses of the aftermarket performance of Yankee IPOs from high and low integrated markets over the 1990-2005 period. The analyses indicate that Yankee IPOs from less integrated markets experience greater improvements in operating and stock performances than those from more integrated markets during the first three years after going public. The significant improvement in performance of Yankee IPOs from low integrated markets persists after controlling for country, IPO, and firm characteristics. The findings of our study support the benefits of market integration and suggest that firms from low integrated markets enjoy greater benefits from entering into high integrated markets than those from high integrated markets.

Keywords: IPO aftermarket performance; Yankee IPOs (search for similar items in EconPapers)
JEL-codes: G12 G32 (search for similar items in EconPapers)
Date: 2009
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