Caglio, Cecilia
[VerfasserIn]
;
Hanley, Kathleen Weiss
[Sonstige Person, Familie und Körperschaft];
Marietta-Westberg, Jennifer
[Sonstige Person, Familie und Körperschaft]
What Does it Take to List Abroad? The Role of Global Underwriters
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2016-03 erstellt
Beschreibung:
This paper examines which firms benefit the most from going public abroad and how a robust IPO market affects the trend toward greater globalization of capital. We show that the decision to do an IPO outside the home country is affected not only by the home country's market characteristics but also the extent to which it is financially integrated with the world economy. In addition, we provide evidence that the decisions of whether to go public abroad, where to list, and the amount of proceeds raised are determined by the presence of global underwriters. Our results suggest that the rise of global underwriters facilitates the movement of capital across nations and is one of the channels by which world globalization can affect the IPO process