Credit crunch and timing of initial public offerings

Pengda Fan, Konari Uchida

研究成果: Contribution to journalArticle査読

抄録

We find that firms with more outstanding short-term debt are more likely to go public in bear markets than firms with less short-term debt. Importantly, this finding is evident for firms going public after a reduction of total bank credits in the loan market. Bear market IPOs repay more short-term debt during the IPO year than other IPOs do, and have lower offering prices and proceeds. These results suggest a credit crunch significantly affects the timing and costs of IPOs when firms owe significant short-term debt.

本文言語英語
ページ(範囲)22-39
ページ数18
ジャーナルPacific Basin Finance Journal
53
DOI
出版ステータス出版済み - 2 2019

All Science Journal Classification (ASJC) codes

  • 財務
  • 経済学、計量経済学

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