The U . S . left behind ? Financial globalization and the rise of IPOs outside the

@inproceedings{Doidge2013TheU,
  title={The U . S . left behind ? Financial globalization and the rise of IPOs outside the},
  author={Craig Doidge and G. Andrew Karolyi and Ren{\'e} M. Stulz},
  year={2013}
}
From 1990 to 2011, the share of world IPO activity by non-U.S. firms increased because of financial globalization and because of a decrease in U.S. IPO activity. Financial globalization reduces the impact of national institutions on domestic IPO activity and enables more non-U.S. firms from countries with weak institutions to go public with a global IPO. U.S. IPO activity does not benefit from financial globalization. Compared to other countries, the rate of small-firm IPO activity in the U.S… CONTINUE READING
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