Do firms go public to raise capital?:
"This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing se...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11197 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particular, issuance of primary shares is correlated with higher increases of investment, higher repayment of debt and increases in cash, and more subsequent capital-raising through seasoned equity offers. Since 79% of all capital raised through IPOs in our sample is from the sale of primary shares, we conclude that capital-raising is an important motive in the going-public decision"--National Bureau of Economic Research web site. |
| Beschreibung: | 35 S. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11197 | |
| 520 | 3 | |a "This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particular, issuance of primary shares is correlated with higher increases of investment, higher repayment of debt and increases in cash, and more subsequent capital-raising through seasoned equity offers. Since 79% of all capital raised through IPOs in our sample is from the sale of primary shares, we conclude that capital-raising is an important motive in the going-public decision"--National Bureau of Economic Research web site. | |
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Datensatz im Suchindex
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| id | DE-604.BV023591377 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:28Z |
| indexdate | 2024-07-09T21:25:10Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906707 |
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| physical | 35 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Kim, Woojin Verfasser (DE-588)104329432 aut Do firms go public to raise capital? Woojin Kim ; Michael S. Weisbach Cambridge, Mass. National Bureau of Economic Research 2005 35 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11197 "This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particular, issuance of primary shares is correlated with higher increases of investment, higher repayment of debt and increases in cash, and more subsequent capital-raising through seasoned equity offers. Since 79% of all capital raised through IPOs in our sample is from the sale of primary shares, we conclude that capital-raising is an important motive in the going-public decision"--National Bureau of Economic Research web site. Ökonometrisches Modell Going public (Securities) Econometric models Weisbach, Michael S. 1961- Verfasser (DE-588)129309125 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11197 (DE-604)BV002801238 11197 http://papers.nber.org/papers/w11197.pdf kostenfrei Volltext |
| spellingShingle | Kim, Woojin Weisbach, Michael S. 1961- Do firms go public to raise capital? National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Going public (Securities) Econometric models |
| title | Do firms go public to raise capital? |
| title_auth | Do firms go public to raise capital? |
| title_exact_search | Do firms go public to raise capital? |
| title_exact_search_txtP | Do firms go public to raise capital? |
| title_full | Do firms go public to raise capital? Woojin Kim ; Michael S. Weisbach |
| title_fullStr | Do firms go public to raise capital? Woojin Kim ; Michael S. Weisbach |
| title_full_unstemmed | Do firms go public to raise capital? Woojin Kim ; Michael S. Weisbach |
| title_short | Do firms go public to raise capital? |
| title_sort | do firms go public to raise capital |
| topic | Ökonometrisches Modell Going public (Securities) Econometric models |
| topic_facet | Ökonometrisches Modell Going public (Securities) Econometric models |
| url | http://papers.nber.org/papers/w11197.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT kimwoojin dofirmsgopublictoraisecapital AT weisbachmichaels dofirmsgopublictoraisecapital |