| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1375 |
| DP1375 Reorganization of Firms and Labour Market Inequality | |
| Dennis Snower; Assar Lindbeck | |
| 发表日期 | 1996-03-31 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper empirically analyses the determinants of an initial public offering (IPO) and the consequences of this decision on a company's investment and financial policy. We compare both the ex-ante and the ex-post characteristics of IPOs with those of a large sample of privately held companies of similar size. We find that: (i) the likelihood of an IPO is positively related to the market-to-book ratio prevailing in the relevant industrial sector and to a company's size; (ii) IPOs are followed by an abnormal reduction in profitability; (iii) the new equity capital raised upon listing is not used to finance subsequent investment and growth, but to reduce leverage; (iv) going public reduces the cost of bank credit; and (v) it is often associated with equity sales by controlling shareholders, and is followed by a higher turnover of control than for other companies. |
| 主题 | Financial Economics |
| 关键词 | Going public Initial public offering stock market |
| URL | https://cepr.org/publications/dp1375 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530510 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Assar Lindbeck. DP1375 Reorganization of Firms and Labour Market Inequality. 1996. |
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