Impact of legal institutions on IPO survival: A global perspective

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dc.contributor.authorEspenlaub, Susanne
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorMohamed, Abdulkadir
dc.date.accessioned2020-01-22T14:29:53Z
dc.date.available2020-01-22T14:29:53Z
dc.date.issued2016-06-16
dc.date.updated2020-01-22T14:26:35Z
dc.description.abstractAround 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.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationEspenlaub, 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.2016.06.003en
dc.identifier.doi10.1016/j.jfs.2016.06.003en
dc.identifier.endpage112en
dc.identifier.issn1572-3089
dc.identifier.journaltitleJournal Of Financial Stabilityen
dc.identifier.startpage98en
dc.identifier.urihttps://hdl.handle.net/10468/9556
dc.identifier.volume25en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://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.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectCertification hypothesisen
dc.subjectDelistingen
dc.subjectInternational marketsen
dc.subjectIPOen
dc.subjectLegality indexen
dc.titleImpact of legal institutions on IPO survival: A global perspectiveen
dc.typeArticle (peer-reviewed)en
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