Motives and effects of the initial public offerings on the Warsaw Stock Exchange

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Institute of Economic Research Working Papers ; No. 46/2014

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
• Thema: initial public offering ; Primary shares ; Secondary shares ; Motives for going public

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Sosnowski, Tomasz
• Ereignis: Veröffentlichung
• (wer): Institute of Economic Research (IER)
• (wo): Toruń
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/219606
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ