Impact of legal institutions on IPO survival: A global perspective

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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


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© 2016 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. Except where otherwise noted, this item's license is described as © 2016 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.
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