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In this study, I examine the relationship between banks’ decisions to go public and various macroeconomic, financial development, bank-level, and regulatory control variables in transition economies (TEs). Using a sample of 208 large banks in twenty TE markets, I find that the levels of development and maturity of capital markets has a positive effect on the probability of a bank being listed. While some researchers find positive effects of foreign banks in emerging markets, this study shows that foreign subsidiaries in host countries are less likely to go public, which has implications for market discipline and the development and growth of capital markets in transition economies
