 IPO waves and the issuance processKevin Boeh and Craig Dunbar Journal of Corporate Finance, 2014, vol. 25, issue C, 455-473 Abstract: This study examines the impact of institutional features of the IPO market on patterns of IPO activity (waves). Decisions made by firms to enter the market by filing registration documents, adjusting terms while remaining in registration or exiting the market through issuance or withdrawal affect the “value in registration” of issuers seeking capital. We argue that these past decisions convey private information about issuers' collective view on the state of the IPO market (beyond what is indicated by other macroeconomic and market condition indicators), affecting current activity. In addition to considering the role of past activity on issuance decisions, we introduce additional variables to reflect observable IPO market conditions that affect IPO activity: the standard deviation of IPO initial returns; Venture Capital takedown; and the average age of IPOs in registration. Our new variables add substantial explanatory value to prior models of IPO activity. Keywords: IPOs; Waves; Spillovers; Withdrawals; Filings (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:25:y:2014:i:c:p:455-473 DOI: 10.1016/j.jcorpfin.2014.02.001 Access Statistics for this article Journal of Corporate Finance is currently edited by A. Poulsen and J. Netter More articles in Journal of Corporate Finance from Elsevier |
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