In April 2016 Manchester eScholar was replaced by the University of Manchester’s new Research Information Management System, Pure. In the autumn the University’s research outputs will be available to search and browse via a new Research Portal. Until then the University’s full publication record can be accessed via a temporary portal and the old eScholar content is available to search and browse via this archive.

IPO Survival in a Reputational Market

Susanne Espenlaub, Arif Khurshed, Abdul Mohamed

Journal of Business Finance & Accounting. 2012;39(3-4):427.

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We examine IPO survival in a “reputational” market, the Alternative Investment Market (AIM), where principle-based regulation pivots on the role of a regulatory agent, the nominated advisor (Nomad) to the IPO company. We find that Nomad reputation has a significant impact on IPO survival. IPOs backed by reputable Nomads survive longer (by about two years) than those backed by other Nomads. We also find that survival rates of AIM IPOs are broadly comparable to those of North American IPOs. While these results are of obvious interest to various stakeholders of AIM firms, they also provide important lessons for market places modeled on AIM including the upper-tier of the U.S. over-the-counter market (OTCQX), Italy’s AIM Italia, and Japan’s Tokyo AIM.

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Created by:
Espenlaub, Susanne
12th January, 2012, 14:50:10
Last modified by:
Espenlaub, Susanne
Last modified:
27th October, 2015, 18:03:07

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