Is the U.S. Capital Market Losing its Competitive Edge?

Luigi Zingales

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Finance, Markets, and Regulation Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

In this paper I analyze the competitiveness of the U.S. equity markets by studying the recent trend in the share of global IPOs they are able to attract. I find that the U.S. equity market share has dropped dramatically from 2000 to 2005. This drop cannot be explained by changes in the geographical or the sectoral composition of IPOs. The most likely cause is a combination of an improvement in the competitors (mostly European equity markets) and an increase in the compliance costs for publicly traded companies.

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References

1997A Survey of Corporate Governance 2004Private Benefits of Control: An International Comparison 2003Why are foreign firms listed in the U.S. worth more?1984The "Hot Issue" Market of 1980 2003ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?2002The Geography of Equity Listing: Why Do Companies List Abroad?2002Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings 2004Concentrated Control, Analyst Following, and Valuation: Do Analysts Matter Most When Investors Are Protected Least?

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