From: The impact of prestigious attorneys on IPO withdrawal in the global primary market
 | All Countries | Australia | Brazil | Canada | China | Denmark | France | Germany |
---|---|---|---|---|---|---|---|---|
(A) | ||||||||
Observations | 24,312 | 1957 | 185 | 2155 | 2817 | 80 | 761 | 832 |
Withdrawn IPOs | 0.145 | 0.12 | 0.32 | 0.07 | 0.21 | 0.10 | 0.07 | 0.09 |
Prestigious attorney | 0.16 | 0.14 | 0.51 | 0.07 | 0.35 | 0.08 | 0.05 | 0.05 |
IPO capital sold | 0.14 | 0.22 | 0.04 | 0.19 | 0.17 | 0.18 | 0.07 | 0.06 |
Technology firm | 0.11 | 0.07 | 0.04 | 0.06 | 0.07 | 0.17 | 0.18 | 0.20 |
Integer offer price | 0.69 | 0.23 | 0.77 | 0.21 | 0.39 | 0.83 | 0.51 | 0.74 |
Above range offer price | 0.03 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Size of offering (U.S Million) | $108 | $48 | $316 | $26 | $144 | $187 | $170 | $174 |
Ratio of institutional participation | 0.19 | 0.06 | 0.01 | 0.01 | 0.11 | 0.01 | 0.29 | 0.01 |
Hot IPO market | 0.39 | 0.43 | 0.53 | 0.44 | 0.29 | 0.34 | 0.35 | 0.22 |
Volume of IPO listing | 51 | 61 | 14 | 55 | 155 | 10 | 16 | 10 |
IPO discount | 0.36 | 0.15 | 0.04 | 0.58 | 0.57 | 0.11 | − 0.02 | 0.19 |
Financial leverage | 3.61 | 2.82 | 5.15 | 1.39 | 2.52 | 3.24 | 5.39 | 3.55 |
Profitability | 0.18 | 0.17 | 0.16 | 0.06 | 0.25 | 0.24 | 0.18 | 0.17 |
Performance | 0.05 | − 0.28 | 0.03 | − 0.26 | 0.09 | − 0.10 | − 0.05 | − 0.09 |
Firm corporate governance | 8 | 8 | 10 | 4 | 10 | 7 | 4 | 4 |
Inflows of foreign direct investment | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 |
Interest rate | 0.10 | 0.04 | 0.24 | 0.13 | 0.04 | 0.09 | 0.09 | 0.12 |
Growth of gross domestic product | 0.04 | 0.02 | 0.04 | 0.02 | 0.08 | 0.02 | 0.02 | 0.02 |
Inflation rate | 0.03 | 0.03 | 0.06 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 |
English common law origin | 0.53 | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
French civil law origin | 0.06 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
 | Greece | India | Indonesia | Italy | Japan | Mexico | Poland | Russia |
---|---|---|---|---|---|---|---|---|
(B) | ||||||||
Observations | 323 | 1027 | 313 | 344 | 1992 | 56 | 790 | 93 |
Withdrawn IPOs | 0.22 | 0.17 | 0.06 | 0.23 | 0.02 | 0.11 | 0.10 | 0.43 |
Prestigious attorney | 0.05 | 0.19 | 0.04 | 0.16 | 0.04 | 0.13 | 0.05 | 0.31 |
IPO capital sold | 0.03 | 0.18 | 0.14 | 0.15 | 0.08 | 0.07 | 0.14 | 0.12 |
Technology firm | 0.07 | 0.11 | 0.02 | 0.08 | 0.14 | 0.00 | 0.09 | 0.03 |
Integer offer price | 0.77 | 0.98 | 0.97 | 0.61 | 0.98 | 0.55 | 0.51 | 0.79 |
Above range offer price | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Size of offering (U.S Million) | $348 | $50 | $49 | $241 | $85 | $216 | $32 | $226 |
Ratio of institutional participation | 0.01 | 0.11 | 0.07 | 0.31 | 0.17 | 0.01 | 0.14 | 0.01 |
Hot IPO market | 0.54 | 0.36 | 0.34 | 0.36 | 0.42 | 0.34 | 0.46 | 0.50 |
Volume of IPO listing | 19 | 131 | 51 | 12 | 73 | 4 | 90 | 4 |
IPO discount | 0.24 | 0.16 | 0.55 | 0.08 | 0.59 | 0.05 | 0.27 | 0.24 |
Financial leverage | 2.28 | 2.63 | 7.52 | 3.35 | 2.79 | 5.23 | 2.14 | 4.90 |
Profitability | 0.06 | 0.3 | 0.28 | 0.16 | 0.26 | 0.12 | 0.16 | 0.08 |
Performance | 0.12 | 0.04 | 0.03 | − 0.04 | 0.02 | 0.02 | − 0.01 | 0.07 |
Firm corporate governance | 3 | 8 | 5 | 6 | 8 | 12 | 3 | 8 |
Inflows of foreign direct investment | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.03 | 0.03 | 0.03 |
Interest rate | 0.15 | 0.16 | 0.08 | 0.13 | 0.16 | 0.09 | 0.06 | 0.03 |
Growth of gross domestic product | 0.03 | 0.06 | 0.05 | 0.02 | 0.02 | 0.04 | 0.05 | 0.05 |
Inflation rate | 0.03 | 0.06 | 0.06 | 0.02 | 0.13 | 0.07 | 0.03 | 0.07 |
English common law origin | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
French civil law origin | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 1 |
 | Saudi Arabia | South Africa | South Korea | Sweden | Turkey | United Kingdom | United States |
---|---|---|---|---|---|---|---|
(C) | |||||||
Observations | 84 | 276 | 1275 | 287 | 229 | 2061 | 6375 |
Withdrawn IPOs | 0.09 | 0.04 | 0.04 | 0.10 | 0.30 | 0.10 | 0.23 |
Prestigious attorney | 0.25 | 0.04 | 0.03 | 0.04 | 0.05 | 0.12 | 0.23 |
IPO capital sold | 0.28 | 0.07 | 0.08 | 0.17 | 0.13 | 0.20 | 0.10 |
Technology firm | 0.01 | 0.10 | 0.16 | 0.17 | 0.03 | 0.11 | 0.13 |
Integer offer price | 0.99 | 0.98 | 0.96 | 0.76 | 0.44 | 0.95 | 0.89 |
Above range offer price | 0.01 | 0.01 | 0.08 | 0.01 | 0.01 | 0.01 | 0.11 |
Size of offering (U.S Million) | $299 | $52 | $45 | $76 | $70 | $119 | $130 |
Ratio of institutional participation | 0.07 | 0.08 | 0.47 | 0.01 | 0.28 | 0.07 | 0.10 |
Hot IPO market | 0.35 | 0.29 | 0.44 | 0.23 | 0.44 | 0.46 | 0.39 |
Volume of IPO listing | 21 | 9 | 117 | 13 | 63 | 53 | 150 |
IPO discount | 1.2 | 1.13 | 0.42 | 0.09 | 0.04 | 0.16 | 0.17 |
Financial leverage | 1.89 | 3.05 | 2.69 | 2.40 | 3.57 | 3.66 | 5.83 |
Profitability | 0.20 | 0.21 | 0.31 | 0.16 | 0.02 | 0.38 | 0.12 |
Performance | 0.03 | − 0.30 | − 0.09 | − 0.23 | − 0.09 | − 0.12 | 0.09 |
Firm corporate governance | 4 | 6 | 4 | 5 | 4 | 5 | 13 |
Inflows of foreign direct investment | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 | 0.02 |
Interest rate | 0.03 | 0.13 | 0.05 | 0.10 | 0.06 | 0.08 | 0.14 |
Growth of gross domestic product | 0.02 | 0.02 | 0.05 | 0.02 | 0.06 | 0.02 | 0.02 |
Inflation rate | 0.04 | 0.03 | 0.03 | 0.02 | 0.06 | 0.02 | 0.03 |
English common law origin | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
French civil law origin | 0 | 0 | 0 | 0 | 0 | 0 | 0 |