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The timing of initial public offerings

Benninga, Simon ; Helmantel, Mark ; Sarig, Oded

Journal of financial economics, 2005-01, Vol.75 (1), p.115-132 [Periódico revisado por pares]

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Título:
The timing of initial public offerings
Autor: Benninga, Simon ; Helmantel, Mark ; Sarig, Oded
Assuntos: Diversification ; Entrepreneurs ; Finance ; Financial economics ; Initial public offering ; Initial public offerings ; IPO ; Pricing ; Privatization ; Stocks ; Studies ; Time ; Timing ; Underpricing
É parte de: Journal of financial economics, 2005-01, Vol.75 (1), p.115-132
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: We study the dynamics of IPOs by examining the tradeoff between an entrepreneur's private benefits, which are lost whenever the firm is publicly traded, and the gains from diversification. We characterize the timing dimension of the decision to go public and its impact on firm value and the evolution of firm risk over time. By endogenizing the timing of the decision to go public, we explain the clustering of IPOs and buyouts in time, the industry concentration of IPO waves, the high incidence of reprivatization of recent IPOs, and the long-run underperformance of recently issued stock relative to the shares of longer-listed companies.
Editor: Amsterdam: Elsevier B.V
Idioma: Inglês

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