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| Tekijä: | Celikyurt, U. Sevilir, M. Shivdasani, A. |
| Otsikko: | Going public to acquire? The acquisition motive in IPOs |
| Lehti: | Journal of Financial Economics
2010 : JUN, VOL 96:3, p. 345-363 |
| Asiasana: | initial public offerings mergers public companies |
| Kieli: | eng |
| Tiivistelmä: | The large number of acquisitions made by newly public companies reflects the concentration of initial public offerings (IPOs) in mergers and acquisitions -intensive (M&A-intensive) industries, and even beats the number of acquisitions made by mature firms in the same industry. The paper examines this phenomenon, and discloses three motives for the post-IPO M&A-activity of newly public companies: IPOs facilitate acquisitions by providing an infusion of capital and an ongoing access to both public equity and debt markets. The post-IPO acquisitions further affect the evolution of ownership structure in newly public firms by reducing insider ownership. |
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