Why Do Companies Go Public? An Empirical Analysis  

Oleh:

Pagano, Marco ; Panetta, Fabio ; Zingales, Luigi

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 53 no. 1 (Feb. 1998), page 27-64.
Topik: Empirical Analysis
Fulltext: p 27.pdf (159.82KB)

Isi artikel

Using a large database of private firms in Italy, we analyze the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms. The likelihood of an IPO is increasing in the company’s size and the industry’s market-to-book ratio. Companies appear to go public not to finance future investments and growth, but to rebalance their accounts after high investment and growth. IPOs are also followed by lower cost of credit and increased turnover in control.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali