全球智库信息集成服务系统(G2TT): DP2484 Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP2484
	DP2484 Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?
	Tim Jenkinson; Alexander Ljungqvist; William J Wilhelm Jr
发表日期	2000-06-27
出版年	2000
语种	英语
摘要	We incorporate equilibrium unemployment due to imperfect matching into a model of trade in intermediate inputs (Ethier (1982)). Firms are assumed to be price takers and their size is given by technology. Firms enter the market as long as expected profits cover the search cost they incur initially. Trade increases productivity in the final good and then demand for each intermediate input. Steady state unemployment is reduced after trade integration because more vacancies are opened. When the rate of job destruction is made endogenous, international trade reduces the equilibrium rate of job destruction, and this induces an indirect positive effect on job creation. We also show that the more volatile environment faced by firms that is often associated with deeper trade integration is unlikely, per se, to increase unemployment.
主题	International Trade and Regional Economics
关键词	Increasing returns International trade Job creation Job destruction Unemployment
URL	https://cepr.org/publications/dp2484
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/531561
推荐引用方式 GB/T 7714	Tim Jenkinson,Alexander Ljungqvist,William J Wilhelm Jr. DP2484 Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?. 2000.