| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25414 |
| 来源ID | Working Paper 25414 |
| The Creation and Evolution of Entrepreneurial Public Markets | |
| Shai Bernstein; Abhishek Dev; Josh Lerner | |
| 发表日期 | 2018-12-31 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were created in a large number of countries, attracted a significant volume of global IPOs, were introduced fairly cyclically, and had lower listing requirements when compared to first-tier stock exchanges. We find that increases in demand for entrepreneurial capital—as proxied for by patenting, IPOs, and stock market valuations—led to a higher likelihood of the introduction of second-tier exchanges. We find no evidence that new second-tier exchanges diverted the existing flow of IPOs from established stock exchanges. Shareholder protection strongly predicted exchange success, even in countries with high levels of venture capital activity, patenting, and financial market development. Second-tier exchanges in countries with better shareholder protection allowed younger, less profitable, but faster-growing companies to raise more capital. These results highlight the importance of institutions in enabling the provision of entrepreneurial capital to young companies. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w25414 |
| 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/583088 |
| 推荐引用方式 GB/T 7714 | Shai Bernstein,Abhishek Dev,Josh Lerner. The Creation and Evolution of Entrepreneurial Public Markets. 2018. |
| 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 | ||
| w25414.pdf（324KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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