| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16916 |
| 来源ID | Working Paper 16916 |
| The U.S. Left Behind: The Rise of IPO Activity Around the World | |
| Craig Doidge; G. Andrew Karolyi; René M. Stulz | |
| 发表日期 | 2011-03-31 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world and U.S. firms go public less than expected based on the economic importance of the U.S. In the early 1990s, the declining U.S. IPO share was due to the extraordinary growth of IPOs in foreign countries; in the 2000s, however, it is due to higher IPO activity abroad combined with lower IPO activity in the U.S. Global IPOs, which are IPOs in which some of the proceeds are raised outside the firm's home country, play a critical role in the increase in IPO activity outside the U.S. The quality of a country's institutions is positively related to its domestic IPO activity and negatively related to its global IPO activity. However, home country institutions are more important in explaining IPO activity in the 1990s than in the 2000s. The evidence is consistent with the view that access to global markets helps firms overcome the obstacles of poor institutions. Finally, we show that the dynamics of global IPO activity and country-level IPO activity are strongly affected by global factors. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16916 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574591 |
| 推荐引用方式 GB/T 7714 | Craig Doidge,G. Andrew Karolyi,René M. Stulz. The U.S. Left Behind: The Rise of IPO Activity Around the World. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16916.pdf（519KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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