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OPTIMAL LISTING POLICY FOR IPOsIN THE GERMAN FINANCIAL MARKET

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  • MANFRED ECKERT

    (Faculty of Social Sciences, Department of Economics, University of Southampton, Highfield, Southampton, SO 17 1 BJ, United Kingdom)

Abstract

Using an existing theoretical model, we investigate a firm's decision to go public empirically. In other words, should their shares be listed on either the 1st Market Segment, or on the Neuer Markt Segment (modelled on NASDAQ) of the Frankfurt Stock Exchange, provided the fact, that the listing requirements for both market segments are fulfilled is the major question of this paper.A binary choice model (the so-called dichotomous Probit-model) is used, i.e., a regression on a dummy dependent variable will be conducted, using also a mixture of qualitative and quantitative explanatory variables describing the particular market best, to test for German circumstances and conclusions are drawn.

Suggested Citation

  • Manfred Eckert, 2003. "OPTIMAL LISTING POLICY FOR IPOsIN THE GERMAN FINANCIAL MARKET," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 213-238.
    • Handle: RePEc:wsi:ijtafx:v:06:y:2003:i:03:n:s0219024903001876
    DOI: 10.1142/S0219024903001876
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    References listed on IDEAS

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    1. Jim Angel & Reena Aggarwal, "undated". "Optimal Listing Strategy: Why Microsoft and Intel Do Not List on the NYSE," Working Papers _007, Georgetown School of Business.
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    Cited by:

    1. John Board & Alfonso Dufour & Charles Sutcliffe & Stephen Wells, 2005. "A False Perception? The relative riskiness of AIM and listed Stocks," ICMA Centre Discussion Papers in Finance icma-dp2006-01, Henley Business School, University of Reading.

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