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| Author: | Zingales, L. |
| Title: | Insider ownership and the decision to go public |
| Journal: | Review of Economic Studies
1995 : JUL, VOL. 62:3(212), p. 425-448 |
| Index terms: | DECISION MAKING ECONOMICS PUBLICITY |
| Language: | eng |
| Abstract: | This paper focuses on the role of an initial public offering (IPO) in maximizing the proceeds an initial owner obtains in selling his company. In deciding whether to undertake an IPO, and what fraction of ownership to retain , the initial owner must balance two factors. By selling to dispersed shareholders, he maximizes his proceeds from the sale of cash flow rights. However, by directly bargaining with a potential buyer, he maximizes his proceeds from the sale of control rights. |
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