IDEAS home Printed from https://ideas.repec.org/a/wsi/ijtafx/v06y2003i03ns0219024903001876.html
   My bibliography  Save this article

OPTIMAL LISTING POLICY FOR IPOsIN THE GERMAN FINANCIAL MARKET

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S0219024903001876
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S0219024903001876?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wai-yan Cheng & Yan-leung Cheung & Yuen-ching Tse, 2006. "The Impact on IPO Performance of More Stringent Listing Rules with a Pre-listing Earnings Requirement: Evidence from Hong Kong," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5-6), pages 868-884.
    2. Thierry Foucault & Christine A. Parlour, 2004. "Competition for Listings," RAND Journal of Economics, The RAND Corporation, vol. 35(2), pages 329-355, Summer.
    3. Huddart, Steven & Hughes, John S. & Brunnermeier, Markus, 1999. "Disclosure requirements and stock exchange listing choice in an international context," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 237-269, January.
    4. Wai-yan Cheng & Yan-leung Cheung & Yuen-ching Tse, 2005. "The Impact on IPO Performance of More Stringent Listing Rules with a Pre-listing Earnings Requirement: Evidence from Hong Kong," Working Papers 172005, Hong Kong Institute for Monetary Research.
    5. Sofia B. Ramos, 2003. "Competition Between Stock Exchanges: A Survey," FAME Research Paper Series rp77, International Center for Financial Asset Management and Engineering.
    6. Aggarwal, Reena & Angel, James J., 1999. "The rise and fall of the Amex Emerging Company Marketplace," Journal of Financial Economics, Elsevier, vol. 52(2), pages 257-289, May.
    7. Travis R. A. Sapp & Xuemin (Sterling) Yan, 2003. "The Nasdaq‐Amex Merger, Nasdaq Reforms, and the Liquidity of Small Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(2), pages 225-242, June.
    8. Ryan J. Davies, 2001. "Matching and the Estimated Impact of Inter-listing (updated July 2003)," ICMA Centre Discussion Papers in Finance icma-dp2001-11, Henley Business School, University of Reading, revised Jun 2003.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:ijtafx:v:06:y:2003:i:03:n:s0219024903001876. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/ijtaf/ijtaf.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.