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The Going-Public Decision and the Development of Financial Markets

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  • Avanidhar Subrahmanyam

    (Anderson Graduate School of Management, University of California at Los Angeles,)

  • Sheridan Titman

    (College of Business Administration, University of Texas at Austin, and the National Bureau of Economic Research)

Abstract

This paper explores the linkages between stock price efficiency, the choice between private and public financing, and the development of capital markets in emerging economies. Generally, the advantage of public financing is high if costly information is diverse and cheap to acquire, and if investors receive valuable information without cost. The value of public firms generally depends on public market size, which implies that there can be a positive externality associated with going public, so that an inferior equilibrium can exist where too few firms go public. The model is consistent with empirical observations on financial market development. Copyright The American Finance Association 1999.

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Bibliographic Info

Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 54 (1999)
Issue (Month): 3 (06)
Pages: 1045-1082

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Handle: RePEc:bla:jfinan:v:54:y:1999:i:3:p:1045-1082

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