Why do companies go public? An empirical analysis

• 成果类型: Article
• 署名作者: Pagano, M; Panetta, F; Zingales, L
• 署名单位: University of Salerno; National Bureau of Economic Research; University of Chicago
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.25448
• 发表日期: 1998
• 页码: 27-64
• 关键词: market liquidity; stock-market; performance; DECISION; COSTS; INFORMATION; OFFERINGS; issues; CHOICE; MODEL

摘要

Using a large database of private firms in Italy, we analyze the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms. The likelihood of an IPO is increasing in the company's size and the industry's market-to-book ratio. Companies appear to go public not to finance future investments and growth, but to rebalance their accounts after high investment and growth. IPOs are also followed by lower cost of credit and increased turnover in control.