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Cambridge Journal of Regions, Economy and Society Advance Access published online on May 20, 2009
Cambridge Journal of Regions, Economy and Society, doi:10.1093/cjres/rsp008
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

This article appears in the following Cambridge Journal of Regions, Economy and Society issue: Spatial Circuits of Global Finance [View the issue table of contents]

Financial centre bias in primary equity markets

Dariusz Wójcik

School of Geography and the Environment and St Peter's College, Oxford University, South Parks Road, Oxford OX1 3QY, UK, dariusz.wojcik{at}spc.ox.ac.uk


  Abstract

This paper shows that firms from financial centres are more likely to go public than their provincial counterparts. The financial centre bias is analysed for 32 countries, including the European Union, the USA and Japan. It is 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 include the benefits of issuers’ proximity to Initial Public Offerings intermediaries and specialised labour markets, corporate governance incentives and institutional factors.

Keywords: Initial Public Offerings, stock markets, financial centres, corporate governance, proximity

Received on September 24, 2008. Accepted on March 9, 2009.

JEL Classifications:: G30, R10


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