Firm resources and quality signalling: evidence from UK initial public offerings

Beat Reber, Bob Berry and Steven Toms

Applied Financial Economics, 2005, vol. 15, issue 8, 575-586

Abstract: This study examines the relative importance of financial structure, advisers' reputations, and managerial experience on the market value achieved by an initial public offering (IPO). A sample of 172 UK IPOs on the Official list of the London Stock Exchange during the period 1992-1996 indicates that the extent to which existing owners keep a stake in the business, and managerial expertise at board level, have a significant impact on the performance of the IPO. Advisers' reputations appear to be irrelevant. The findings are comparable to recent studies that cover a similar sample period.

Date: 2005
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DOI: 10.1080/0960310042000323610

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