Table of Contents

Handbook of Research on IPOs

Handbook of Research on IPOs

Elgar original reference

Edited by Mario Levis and Silvio Vismara

The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.

Chapter 23: An empirical analysis of cross-listing decisions in share-issue privatizations: evidence from developed and developing countries

Juliet D’Souza, William L. Megginson and Robert Nash

Subjects: business and management, corporate governance, economics and finance, corporate governance, financial economics and regulation, money and banking


Privatization, the sale of previously state-owned enterprises (SOEs) to private investors, has transformed financial markets around the world. An economic and political event as profound as privatization raises many important questions, such as why governments privatize, how they privatize, and where (in which markets) governments choose to sell shares. As summarized in Megginson and Netter (2001) and Estrin et al. (2009), financial economists have thoroughly examined the ‘why’ question (Megginson et al., 1994;Dewenter and Malatesta, 1997; Boubakri and Cosset, 1998) and the ‘how’ question(Boycko et al.,1996; Jones et al., 1999; Megginson et al., 2004). On the other hand, the ‘where’ question has received less attention. In this chapter we identify factors that affect a government’s decision regarding whereto privatize. We specifically examine the firm-level and institution-level factors that may affect why some share-issue privatizations (SIPs) are conducted entirely on domestic equity markets while others involve cross-listings, whereby all or part of the offering is done on a foreign equity market.

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