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http://hdl.handle.net/10419/19483
  

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dc.contributor.authorLjungqvist, Alexanderen_US
dc.contributor.authorBoehmer, Ekkeharten_US
dc.date.accessioned2009-01-28T15:58:53Z-
dc.date.available2009-01-28T15:58:53Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19483-
dc.description.abstractWe test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders enjoy large private benefits of control are less likely to go public. Our analysis tracks a set of 330 privately-held German firms which between 1984 and 1995 announced their intention to go public to see whether, when, and how they subsequently sold equity to outside investors. Controlling for private benefits, we find that the likelihood of firms completing an initial public offering increases in the firm's investment opportunities and valuations. We also show that these effects are distinct from factors that increase firms' demand for outside capital more generally.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,16en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordGoing public decisionen_US
dc.subject.keywordIPO timingen_US
dc.subject.keywordPrivate benefitsen_US
dc.subject.keywordFamily firmsen_US
dc.subject.stwWertpapieremissionen_US
dc.subject.stwFamilienunternehmenen_US
dc.subject.stwUnternehmenswerten_US
dc.subject.stwSch├Ątzungen_US
dc.subject.stwDeutschlanden_US
dc.titleOn the decision to go public: Evidence from privately-held firmsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn391524984en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:2161-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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