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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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Type
Article accepté pour publication ou publié
Date
2009-12
Journal name
Journal of corporate finance
Volume
15
Number
5
Publisher
Elsevier
Pages
587-601
Publication identifier
http://dx.doi.org/10.1016/j.jcorpfin.2009.07.002
Metadata
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Author(s)
Bouis, Romain
Abstract (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 analysis
JEL
G14 - Information and Market Efficiency; Event Studies; Insider Trading
G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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