Rational IPO Waves  

Oleh:

Pastor, Lubos ; Veronesi, Pietro

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1713-1758.
Topik: ipo; studis; stochastic models; regression analysis; economic models; initial public offerings; expected returns; volatility
Fulltext: p 1713.pdf (295.05KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We argue that the number of firms going public changes over time in response to time variation in market conditions. We develop a model of optimal initial public offering (IPO) timing in which IPO waves are caused by declines in expected market return, increases in expected aggregate profitability, or increases in prior uncertainty about the average future profitability of IPOs. We test and find support for the model's empirical predictions. For example, we find that IPO waves tend to be preceded by high market returns and followed by low market returns.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali