The going public decision and the structure of equity markets

Alfonso Astudillo, Matías Braun, Pablo Castañeda*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Scopus citations


The industries in which listed firms are concentrated in less developed equity markets are not random, nor entirely explained by the underlying composition of production. Listed firms and market capitalization are disproportionately concentrated in industries with low beta (measured with their beta with the market portfolio in the U.S.). We document a strong positive relationship between the industry-weighted country beta and the degree of market development across countries. Recent IPO activity confirms the result since new listings have higher betas than the average firm already in the market.

Original languageEnglish
Pages (from-to)1451-1470
Number of pages20
JournalJournal of International Money and Finance
Issue number7
StatePublished - Nov 2011
Externally publishedYes


  • Composition of equity markets
  • Development of financial markets
  • Risk sharing


Dive into the research topics of 'The going public decision and the structure of equity markets'. Together they form a unique fingerprint.

Cite this