The going public decision and the structure of equity markets

Alfonso Astudillo, Matías Braun, Pablo Castañeda*

*Autor correspondiente de este trabajo

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

4 Citas (Scopus)

Resumen

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.

Idioma originalInglés
Páginas (desde-hasta)1451-1470
Número de páginas20
PublicaciónJournal of International Money and Finance
Volumen30
N.º7
DOI
EstadoPublicada - nov. 2011
Publicado de forma externa

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