Abstract

https://ssrn.com/abstract=1028701
 
 

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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)

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.

Number of Pages in PDF File: 43

Keywords: Equity market, IPOs, competitiveness, compliance costs

JEL Classification: G15, G32


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Date posted: November 12, 2007  

Suggested Citation

Zingales, Luigi, Is the U.S. Capital Market Losing its Competitive Edge? (November 2007). ECGI - Finance Working Paper No. 192/2007. Available at SSRN: https://ssrn.com/abstract=1028701 or http://dx.doi.org/10.2139/ssrn.1028701

Contact Information

Luigi Zingales (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-3196 (Phone)
773-834-2081 (Fax)

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National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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