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- Title
IPO Listings: Where and Why?
- Authors
Anderson, Anne M.; Dyl, Edward A.
- Abstract
According to most research, firms benefit from being listed on the New York Stock Exchange (NYSE). Nevertheless, 224 of 640 firms that went public from 1993 through 2000 and were eligible for a NYSE listing chose to list their stock on Nasdaq. We hypothesize that this choice may be related to Securities and Exchange Commission (SEC) Rule 144. The rule regulates the sale of restricted stock by limiting the amount of unregistered stuck that can he sold by an individual. We investigate the determinants of post-IPO sales of restricted stock, examine IPO firms listing choices, and find evidence consistent with firms selecting Nasdaq to reduce the effect of the limits on selling restricted stock imposed by the SEC's Rule 144. Venture capitalists plat an important role in this listing decision.
- Subjects
UNITED States; GOING public (Securities); LISTING of securities; STOCKS (Finance); INVESTORS; NEW York Stock Exchange; NASDAQ Stock Market; UNITED States. Securities &; Exchange Commission
- Publication
Financial Management (Wiley-Blackwell), 2008, Vol 37, Issue 1, p23
- ISSN
0046-3892
- Publication type
Article
- DOI
10.1111/j.1755-053X.2008.00001.x