The Initial Public Offerings of Listed Firms  

Oleh:

Derrien, Francois ; Kecskes, Ambrus

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 1 (Feb. 2007), page 447-480.
Topik: ipo; initial public offerings; equity; valuation; rates of return; studies
Fulltext: p 447.pdf (414.27KB)

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

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Isi artikel

A number of firms in the United Kingdom list without issuing equity and then issue equity shortly thereafter. We argue that this two - stage offering strategy is less costly than an initial public offering (IPO) because trading reduces the valuation uncertainty of these firms before they issue equity. We find that initial returns are 10% to 30% lower for these firms than for comparable IPOs, and we provide evidence that the market in the firm's shares lowers financing costs. We also show that these firms time the market both when they list and when they issue equity.

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