Listing abroad, is it good or just cool? : an empirical analysis of the benefits of going public abroad for European companies
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- Master Thesis 
This thesis addresses with an empirical analysis the long-debated topic of the benefits of pursuing an IPO abroad versus listing in the home country. We examine whether European firms pursuing IPOs abroad achieved economic benefits in terms of total proceeds, total costs (underpricing and underwriting fees), visibility (analyst coverage) and liquidity (turnover) compared to similar firms pursuing an IPO in their home country. Applying a combination of matching methods to a sample of 2227 IPOs from 1999 to 2016, we find that firms pursuing an IPO abroad raised higher proceeds and achieved higher liquidity and lower total costs, the latter being obtained as a combination of lower underpricing and higher underwriting fees, compared to similar firms going public in their home country.