IPO waves: an empirical analysis of going-public decisions in the Netherlands, 1876-2009

Wilco Legierse () and Abe de Jong
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Wilco Legierse: Erasmus University
Abe de Jong: Erasmus University

No 13006, Working Papers from Economic History Society

Abstract: "This paper analyses waves in initial public offerings (IPOs) in the Netherlands over the long period 1876 to 2009. We aim to explain the clustering in IPOs using both econometric modelling and historical analysis. We find that IPO waves are partially explained by a set of characteristics of the Dutch market, which influence IPOs over the full period, such as growth of the economy, stock market return and volatility, and the development of the Amsterdam stock exchange. Although, these characteristics explain part of IPO waves, detailed historical analyses also demonstrated the relevance of factors that are unique to specific periods, such as the widespread use of technological innovations, industry-specific growth, and legal-political shifts."

Keywords: "going public; initial public offering; timing" (search for similar items in EconPapers)
Date: 2013-04
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