Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?

This paper shows that firms from financial centres are more likely to go public than their provincial counterparts. The financial centre bias is analysed for 32 countries, including the European Union, the USA and Japan. It is particularly strong in countries with underdeveloped stock markets and cl...

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Main Author: Wójcik, D
Format: Working paper
Language:English
Published: School of Geography and Environment (University of Oxford) 2008
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author Wójcik, D
author_facet Wójcik, D
author_sort Wójcik, D
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description This paper shows that firms from financial centres are more likely to go public than their provincial counterparts. The financial centre bias is analysed for 32 countries, including the European Union, the USA and Japan. It is particularly strong in countries with underdeveloped stock markets and closed corporate governance regimes, but it is still present in countries with the most developed stock markets and most open corporate governance, such as the UK and the USA. Reasons for the bias include the benefits of issuers' proximity to IPO intermediaries and specialised labour markets, corporate governance incentives, and cultural factors.
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spelling oxford-uuid:7c4864e9-c48f-4d6f-bcb3-b54d3ba668a52022-03-26T20:56:04ZFinancial Centre Bias: Another Puzzling Anomaly in the IPO Market?Working paperhttp://purl.org/coar/resource_type/c_8042uuid:7c4864e9-c48f-4d6f-bcb3-b54d3ba668a5EnglishDepartment of Economics - ePrintsSchool of Geography and Environment (University of Oxford)2008Wójcik, DThis paper shows that firms from financial centres are more likely to go public than their provincial counterparts. The financial centre bias is analysed for 32 countries, including the European Union, the USA and Japan. It is particularly strong in countries with underdeveloped stock markets and closed corporate governance regimes, but it is still present in countries with the most developed stock markets and most open corporate governance, such as the UK and the USA. Reasons for the bias include the benefits of issuers' proximity to IPO intermediaries and specialised labour markets, corporate governance incentives, and cultural factors.
spellingShingle Wójcik, D
Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title_full Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title_fullStr Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title_full_unstemmed Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title_short Financial Centre Bias: Another Puzzling Anomaly in the IPO Market?
title_sort financial centre bias another puzzling anomaly in the ipo market
work_keys_str_mv AT wojcikd financialcentrebiasanotherpuzzlinganomalyintheipomarket