Asian Competition Has Nothing To Do With The Weak US IPO Market

Don't blame Asia for the underperformance of the US IPO market. Changes in the structure of the domestic IPO market are the main explanatory factor, if we are to believe the findings of a recent report by Grant Thornton, 'Market Structure Is Causing the IPO Crisis'. The latter concludes that domestic regulatory changes play a key role in the decline in US IPOs, whose onset goes back to 1996 according to the report. The report notes that the number of US exchange-listed companies is down by more than 22% since 1991 and down 53% when allowing for real gross domestic

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