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Is the U.S. Capital Market Losing its Competitive Edge?
Luigi Zingales University of Chicago Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); University of Chicago - Polsky Center for Entrepreneurship; European Corporate Governance Institute (ECGI) November 2007 ECGI - Finance Working Paper No. 192/2007 Abstract: In this paper I analyze the competitiveness of the U.S. equity markets by studying the recent trend in the share of global IPOs they are able to attract. I find that the U.S. equity market share has dropped dramatically from 2000 to 2005. This drop cannot be explained by changes in the geographical or the sectoral composition of IPOs. The most likely cause is a combination of an improvement in the competitors (mostly European equity markets) and an increase in the compliance costs for publicly traded companies.
Keywords: Equity market, IPOs, competitiveness, compliance costs JEL Classifications: G15, G32 Working Paper SeriesDate posted: November 12, 2007 ; Last revised: April 22, 2008Suggested CitationContact Information
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