Impact of legal institutions on IPO survival: A global perspective

Espenlaub, Susanne; Goyal, Abhinav; Mohamed, Abdulkadir

doi:10.1016/j.jfs.2016.06.003

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dc.contributor.author	Espenlaub, Susanne
dc.contributor.author	Goyal, Abhinav
dc.contributor.author	Mohamed, Abdulkadir
dc.date.accessioned	2020-01-22T14:29:53Z
dc.date.available	2020-01-22T14:29:53Z
dc.date.issued	2016-06-16
dc.identifier.citation	Espenlaub, S., Goyal, A. and Mohamed, A. (2016) 'Impact of legal institutions on IPO survival: A global perspective', Journal of Financial Stability, 25, pp. 98-112. doi: 10.1016/j.jfs.2016.06.003	en
dc.identifier.volume	25	en
dc.identifier.startpage	98	en
dc.identifier.endpage	112	en
dc.identifier.issn	1572-3089
dc.identifier.uri	http://hdl.handle.net/10468/9556
dc.identifier.doi	10.1016/j.jfs.2016.06.003	en
dc.description.abstract	Around the world, investors, practitioners, regulators and policy makers seek to understand whether, when and why recently listed stocks, initial public offerings (IPOs) are delisted rather than continue trading (survive). Using data on 7,627 IPOs issued during 2000–2008 across 32 countries, we explore the impact of the legal system on IPO survival. We find that IPOs in countries with better investor protections remain listed for longer. This suggests that better legal systems increase the net benefits companies derive from staying listed. We also provide evidence that better legal systems increase the effectiveness of IPO certification by venture capitalists, underwriters and auditors.	en
dc.format.mimetype	application/pdf	en
dc.language.iso	en	en
dc.publisher	Elsevier	en
dc.relation.uri	http://www.sciencedirect.com/science/article/pii/S1572308916300456
dc.rights	© 2016 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.	en
dc.rights.uri	https://creativecommons.org/licenses/by-nc-nd/4.0/	en
dc.subject	Certification hypothesis	en
dc.subject	Delisting	en
dc.subject	International markets	en
dc.subject	IPO	en
dc.subject	Legality index	en
dc.title	Impact of legal institutions on IPO survival: A global perspective	en
dc.type	Article (peer-reviewed)	en
dc.internal.authorcontactother	Abhinav Goyal, Cork University Business School, University College Cork, Cork, Ireland. +353-21-490-3000 Email: abhinav.goyal@ucc.ie	en
dc.internal.availability	Full text available	en
dc.date.updated	2020-01-22T14:26:35Z
dc.description.version	Accepted Version	en
dc.internal.rssid	500175771
dc.description.status	Peer reviewed	en
dc.identifier.journaltitle	Journal Of Financial Stability	en
dc.internal.copyrightchecked	Yes
dc.internal.licenseacceptance	Yes	en
dc.internal.IRISemailaddress	abhinav.goyal@ucc.ie	en