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Autor:innen: 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Institute of Economic Research Working Papers No. 46/2014
Verlag: 
Institute of Economic Research (IER), Toruń
Zusammenfassung: 
This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold.
Schlagwörter: 
initial public offering
Primary shares
Secondary shares
Motives for going public
JEL: 
G32
G23
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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