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The Relationship Between IPO and Macroeconomics Factors: an Empirical Analysis from UK Market

Eliana Angelini () and Matteo Foglia ()
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Eliana Angelini: Department of Economics, "G.d'Annunzio" University of Chieti-Pescara
Matteo Foglia: Department of Economics, "G.d'Annunzio" University of Chieti-Pescara

Annals of Economics and Finance, 2018, vol. 19, issue 1, 319-336

Abstract: The purpose is to analyze the short and long run equilibrium relationship between the external factors and the IPO for UK market over the period of 1996 to 2016, in order to provide: i) how macroeconomic conditions influence IPOs activities and ii) how long the effects last (shock). The results of the correlation analysis show that the hypothesis that the business cycle, volatility and interest rate have explanatory power for the number of IPOs is supported by empirical evidence. On the other hand, we found no evidence that the stock market return affects the IPO activities.

Keywords: UK IPO; Long-run relationship; External factors; Cointegration; VECM (search for similar items in EconPapers)
JEL-codes: G10 G32 E44 (search for similar items in EconPapers)
Date: 2018
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