Summary of What Does It Take to List Abroad?

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Companies are increasingly considering foreign capital markets for their initial public offerings. Economists Cecilia R. Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg look into the factors that influence a firm’s decision to go public abroad in their astute study. It highlights the role of global underwriters, which shape both the way firms access global capital and the channels of cross-border flows. getAbstract suggests their scholarly report to entrepreneurs, financial executives and investors.

In this summary, you will learn

  • What factors affect a company’s decision to go public abroad and
  • How global underwriters play a role in the foreign IPO process.
 

About the Authors

Cecilia R. Caglio is with the Federal Reserve Board of Governors, Kathleen Weiss Hanley is a professor at Lehigh University, and Jennifer Marietta-Westberg is with the US Securities and Exchange Commission.

 

Summary

More and more, businesses around the world are looking to raise capital in overseas markets. Between 1990 and 2001, an estimated 12.2% of the capital companies acquired through initial public offerings (IPOs) came from foreign stock listings. The growing ranks of global underwriters brought in some 80% of the capital raised from IPOs between 1996 and 2011.

An analysis of the experiences of 21,809 firms in 31 countries between 1995 and 2011 provides insights on the dynamics of listing abroad. Firms that face scant investor demand in their home countries or that are likely to garner higher...


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