This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through the present, we find that tightening regulatory changes improve IPO survival rates. In contrast, easing of regulations tends to harm IPO survival rates, without increasing the number of IPOs.

Financial regulation and IPOs: evidence from the history of the Italian stock market

CATTANEO, Mattia;MEOLI, Michele;VISMARA, Silvio
2015

Abstract

This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through the present, we find that tightening regulatory changes improve IPO survival rates. In contrast, easing of regulations tends to harm IPO survival rates, without increasing the number of IPOs.
journal article - articolo
Cattaneo, Mattia; Meoli, Michele; Vismara, Silvio
File allegato/i alla scheda:
File Dimensione del file Formato  
Cattaneo Meoli Vismara JCF15 Financial regulation and IPOs Evidence from the history of the Italian stock market.pdf

Solo gestori di archivio

Versione: publisher's version - versione editoriale
Licenza: Licenza default Aisberg
Dimensione del file 492.19 kB
Formato Adobe PDF
492.19 kB Adobe PDF   Visualizza/Apri
Pubblicazioni consigliate

Caricamento pubblicazioni consigliate

Aisberg ©2008 Servizi bibliotecari, Università degli studi di Bergamo | Terms of use/Condizioni di utilizzo

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/75229
Citazioni
  • Scopus 39
  • ???jsp.display-item.citation.isi??? 36
social impact