Going public : evidence from stock and bond IPOs in Belgium, 1839-1935

Autor:	Marc Deloof, Abe de Jong, Wilco Legierse
Přispěvatelé:	Research programme EEF
Jazyk:	angličtina
Rok vydání:	2022
Předmět:	Economics and Econometrics Initial public offering History Belgium Corporate finance Sociology Economics Bond issues Going public
Zdroj:	Cliometrica Cliometrica. Springer-Verlag London Ltd
ISSN:	1863-2505
Popis:	We investigate firms' initial stock and bond issues in public capital markets and explain fluctuations in these IPOs over time. We study Belgium from 1839 to 1935, which provides a setting with poor investor protection, no tax distortions, and changing regulations. We find that economic growth induces stock and bond IPOs and that the issuers time offerings such that they coincide with favorable market conditions. Even though in 1873, regulation was abruptly relaxed, we find no evidence of increases in the number of IPOs. Finally, we show that stock and bond IPOs do not interact when controlling for the determinants of these IPOs.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0e19c9507a499c9ec99ff1933859e273 https://hdl.handle.net/10067/1920990151162165141 Zobrazit plný text záznamu Full text from SpringerLink