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dc.contributor.authorLjungqvist, Alexanderen
dc.contributor.authorBoehmer, Ekkeharten
dc.date.accessioned2009-01-28T15:58:53Z-
dc.date.available2009-01-28T15:58:53Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2004,16en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordGoing public decisionen
dc.subject.keywordIPO timingen
dc.subject.keywordPrivate benefitsen
dc.subject.keywordFamily firmsen
dc.subject.stwWertpapieremissionen
dc.subject.stwFamilienunternehmenen
dc.subject.stwUnternehmenswerten
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleOn the decision to go public: Evidence from privately-held firms-
dc.typeWorking Paperen
dc.identifier.ppn391524984en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:2161en

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