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| Author: | Corwin, S. A. Harris, J. H. |
| Title: | The initial listing decisions of firms that go public |
| Journal: | Financial Management
2001 : SPRING, VOL. 30:1, p. 35-55 |
| Index terms: | Initial public offerings Stock exchanges Company floatation Index-linked securities Bonds USA |
| Language: | eng |
| Abstract: | The authors analyze the initial listings decisions of IPOs that qualify for New York Stock Exchange listing. They find that IPOs are more likely to list on the exchange where their industry peers are listed. Further, reverse LBOs and carveouts are more likely to choose the NYSE if the firm or their parent was previously Nyse-listed. Consistent with avoidance of delisting costs, the authors find that smaller, riskier firms tend list on Nasdaq. Although direct issue costs are higher on the NYSE than on Nasdaq, total issue costs do not differ across exchanges and are unlikely to affect the listing decision. |
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