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The Global Stock MarketIssuers, Investors, and Intermediaries in an Uneven World$
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Dariusz Wójcik

Print publication date: 2011

Print ISBN-13: 9780199592180

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199592180.001.0001

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Biased Listings: Proximity in Domestic Primary Markets

Biased Listings: Proximity in Domestic Primary Markets

(p.20) 2 Biased Listings: Proximity in Domestic Primary Markets
The Global Stock Market

Dariusz Wójcik

Oxford University Press

Chapter 2 starts the investigation of the role of proximity in stock market relations, by focusing on issuers entering the market. It shows that firms from leading business centres of their countries are more likely to go public than their provincial counterparts. This bias in listings is analysed for thirty-two countries, including all members of the European Union, the USA, and Japan. It is shown to be particularly strong in countries with underdeveloped stock markets and closed corporate governance regimes, but it is still present in countries with the most developed stock markets and most open corporate governance, such as the UK and the USA. Potential reasons for the bias are discussed, including the benefits of issuers' proximity to initial public offerings intermediaries and specialized labour markets, corporate governance incentives, as well as national and local institutional factors.

Keywords:   issuers, Initial Public Offerings, proximity, primary market, intermediaries, financial centres, corporate governance, institutions

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