Factors Influencing IPO Decisions. Do Corporate Managers Use Market and Corporate Timing? A Survey

Szyszka Adam
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Szyszka Adam: Capital Markets Department, Warsaw School of Economics

International Journal of Management and Economics, 2014, vol. 42, issue 1, 30-39

Abstract: This paper explores the motives for Initial Public Offerings (IPOs); that is, whether market mispricing or the behavioral inclinations of investors and analysts impact corporate decisions about rising equity, with a particular focus on market and corporate timing practices of managers going public. To do so, an anonymous survey was conducted of 166 managers of firms that recently went public at the Warsaw Stock Exchange in Poland (being the second most active IPO market in Europe, after London). The resulting data reveals that managers attempt to time bullish markets and good historical corporate financial results.

Keywords: Behavioral corporate fnance; managerial biases; IPO; going public (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ijomae:v:42:y:2014:i:1:p:30-39:n:2

DOI: 10.2478/ijme-2014-0041

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