search query: @author Pagano, M. / total: 11
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| Author: | Pagano, M. Panetta, F. Zingales, L. |
| Title: | Why do companies go public? An empirical analysis. |
| Journal: | Journal of Finance
1998 : FEB, VOL. 53:1, p. 27-64 |
| Index terms: | INITIAL PUBLIC OFFERINGS COMPANIES CAPITAL MARKETS ITALY |
| Language: | eng |
| Abstract: | The authors use a large database of private firms in Italy to 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. |
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