
The short-term timing of initial public offerings
Bouis, Romain (2009), The short-term timing of initial public offerings, Journal of corporate finance, 15, 5, p. 587-601. http://dx.doi.org/10.1016/j.jcorpfin.2009.07.002
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Article accepté pour publication ou publiéDate
2009-12Journal name
Journal of corporate financeVolume
15Number
5Publisher
Elsevier
Pages
587-601
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Bouis, RomainAbstract (EN)
This paper examines the effect of stock market conditions on the waiting time of initial public offering (IPO) candidates, from the date firms file a registration statement with the Securities and Exchange Commission (SEC) to the effective IPO date. I find that issuers are going public faster when time-varying stock market valuations are high, and when time-varying market returns and time-varying market volatility are low. The volatility effect is not driven by regulatory delays consecutive to changes in the terms of the offers during the IPO process. Taken together, these results indicate that firms use a short-term market timing strategy when deciding the right time to go public and are consistent with a real option interpretation of IPO timing.Subjects / Keywords
IPO timing; Registration period; Real option; Hazard analysisRelated items
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