Publication

Based on a sample of 15 European countries, this survey analyzes various features of the European Initial Public Offering (IPO) market during the period 1995-2004. The paper documents the IPO mechanisms available on European exchanges, compares listing requirements, and establishes which of the IPO procedures are most used in European markets. The authors focus on short-run and long-run performance of IPOs and the economic determinants of performance. IPO-performance variables are related to the choice of introduction mechanisms, as well as to microstructure factors such as information asymmetry and post-IPO liquidity.