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Going Public Abroad

Cecilia Caglio

Board of Governors of the Federal Reserve System

Kathleen Weiss Hanley

University of Maryland

Jennifer Marietta-Westberg

U.S. Securities and Exchange Commission

November 8, 2012

This paper examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, these represent approximately 25% of total IPO proceeds. We find that alleviating informational frictions in order to obtain greater offering proceeds is an important determinant of the decision to go public abroad. Foreign and global IPOs originate from countries with significantly fewer recent IPOs in the same industry, less developed capital markets, and lower disclosure standards. Contrary to assumptions in prior research, we also show that the determinants of whether to go public abroad or to go public at home and cross-list later are not similar. In addition, we find that the preferences for going public in certain foreign markets have changed over time and the factors that impact the choice of listing market are not consistent across all countries.

Number of Pages in PDF File: 48

Keywords: IPO, competitiveness, foreign listing, cross-listing

JEL Classification: G30, G32, F36

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Date posted: March 19, 2010 ; Last revised: June 19, 2013

Suggested Citation

Caglio, Cecilia and Hanley , Kathleen Weiss and Marietta-Westberg, Jennifer, Going Public Abroad (November 8, 2012). Available at SSRN: http://ssrn.com/abstract=1572949 or http://dx.doi.org/10.2139/ssrn.1572949

Contact Information

Cecilia Caglio
Board of Governors of the Federal Reserve System ( email )
20th St. and Constitution Ave.
Washington, DC 20551
United States
Kathleen Weiss Hanley
University of Maryland ( email )
College Park
College Park, MD 20742
United States
Jennifer Marietta-Westberg (Contact Author)
U.S. Securities and Exchange Commission ( email )
100 F St NE
Washington, DC 20549
United States
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