Purpose: The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity. Design/methodology/approach: With a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and...

This paper analyzes a War of Attrition where players enjoy private information about their outside opportunities. The main message is that uncertainty about the possibility that the opponent opts out increases the equilibrium probability of concession.