Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing...

In this paper, we measured the total factor productivity (TFP) of all Chinese publicly listed firms by micro-level, that is, by industry and firm levels, from 1999 to 2005. Financial data from the China Stock Market (CSMAR) database were used and capital (K), labor (L), and material (M) were...

Purpose - The main objective of the paper is to examine the performance of Saudi Arabian firms' performance as they make the transition from private ownership into public ownership.Design/ Methodology/ Approach - A sample of 13 Saudi IPOs performance is investigated. We use a data envelopment...

This study investigates why newly listed firms become M&A targets shortly after their initial public offering (IPOs) from the perspective of product innovation. We find strong empirical evidence that IPOs with less established trademarks increase the likelihood of becoming IPO targets. We also...