Going public: evidence from stock and bond IPOs in Belgium, 1839–1935

Marc Deloof (), Abe Jong () and Wilco Legierse ()
Additional contact information
Marc Deloof: University of Antwerp
Abe Jong: Monash University
Wilco Legierse: Erasmus University

Cliometrica, 2023, vol. 17, issue 3, No 2, 433-466

Abstract: Abstract We investigate firms' initial stock and bond issues in public capital markets and explain fluctuations in these IPOs over time. We study Belgium from 1839 to 1935, which provides a setting with poor investor protection, no tax distortions, and changing regulations. We find that economic growth induces stock and bond IPOs and that the issuers time offerings such that they coincide with favorable market conditions. Even though in 1873, regulation was abruptly relaxed, we find no evidence of increases in the number of IPOs. Finally, we show that stock and bond IPOs do not interact when controlling for the determinants of these IPOs.

Keywords: Corporate finance; Going public; Initial public offering; Bond issues; Belgium (search for similar items in EconPapers)
JEL-codes: G32 N23 N24 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11698-022-00258-5

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