 MOTIVES AND EFFECTS OF THE INITIAL PUBLIC OFFERINGS ON THE WARSAW STOCK EXCHANGETomasz Sosnowski ()
Equilibrium. Quarterly Journal of Economics and Economic Policy, 2015, vol. 10, issue 2, 207-222 Abstract: This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold. Keywords: initial public offering; primary shares; secondary shares; motives for going public (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:pes:ierequ:v:10:y:2015:i:2:p:207-222 Access Statistics for this article Equilibrium. Quarterly Journal of Economics and Economic Policy is currently edited by Adam P. Balcerzak More articles in Equilibrium. Quarterly Journal of Economics and Economic Policy from Institute of Economic Research Contact information at EDIRC. |
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