Going public and the ownership structure of the firm

• 成果类型: Article
• 署名作者: Mello, AS; Parsons, JE
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00018-X
• 发表日期: 1998
• 页码: 79-109
• 关键词: sale of shares; Heterogeneous investors; Ownership structure

摘要

Going public is a complex process with distinct markets for dispersed shares and controlling blocks. It is important to design the sale of new shares with the final ownership structure in mind. An optimal strategy for going public starts with the IPO, which is particularly suited for the sale of dispersed holdings to small and passive investors. The marketing of potentially controlling blocks to active investors should occur subsequently. We develop a framework for evaluating alternative methods of sale and show that discriminating in favor of active investors can raise the market value of the firm for all shareholders. (C) 1998 Elsevier Science S.A. All rights reserved.