The exit choices of European private firms: A dynamic empirical analysis
Author
Abstract
Suggested Citation
DOI: 10.1016/j.finmar.2023.100821
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Isil Erel & Yeejin Jang & Michael S. Weisbach, 2015.
"Do Acquisitions Relieve Target Firms’ Financial Constraints?,"
Journal of Finance, American Finance Association, vol. 70(1), pages 289-328, February.
- Erel, Isil & Jang, Yeejin & Weisbach, Michael S., 2013. "Do Acquisitions Relieve Target Firms' Financial Constraints?," Working Paper Series 2013-03, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Isil Erel & Yeejin Jang & Michael S. Weisbach, 2013. "Do Acquisitions Relieve Target Firms' Financial Constraints?," NBER Working Papers 18840, National Bureau of Economic Research, Inc.
- Caprio, Lorenzo & Croci, Ettore & Del Giudice, Alfonso, 2011. "Ownership structure, family control, and acquisition decisions," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1636-1657.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000.
"Investor protection and corporate governance,"
Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, "undated". "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Scholarly Articles 29408126, Harvard University Department of Economics.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Schleifer, Andrei & Vishny, Robert, 2001. "Investor Protection and Corporate Governance," Working Paper Series rwp01-017, Harvard University, John F. Kennedy School of Government.
- Jay R. Ritter & Ivo Welch, 2002.
"A Review of IPO Activity, Pricing, and Allocations,"
Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Annette B. Poulsen & Mike Stegemoller, 2008. "Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings," Financial Management, Financial Management Association International, vol. 37(1), pages 81-101, March.
- Arnoud W. A. Boot & Radhakrishnan Gopalan & Anjan V. Thakor, 2006. "The Entrepreneur's Choice between Private and Public Ownership," Journal of Finance, American Finance Association, vol. 61(2), pages 803-836, April.
- Gur Aminadav & Elias Papaioannou, 2020.
"Corporate Control around the World,"
Journal of Finance, American Finance Association, vol. 75(3), pages 1191-1246, June.
- Gur Aminadav & Elias Papaioannou, 2016. "Corporate Control around the World," NBER Working Papers 23010, National Bureau of Economic Research, Inc.
- Papaioannou, Elias & Aminadav, Gur, 2019. "Corporate Control around the World," CEPR Discussion Papers 13706, C.E.P.R. Discussion Papers.
- Sreedhar T. Bharath & Amy K. Dittmar, 2010. "Why Do Firms Use Private Equity to Opt Out of Public Markets?," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1771-1818.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- repec:bla:jfinan:v:59:y:2004:i:2:p:537-600 is not listed on IDEAS
- Aktas, Nihat & Andries, Kathleen & Croci, Ettore & Ozdakak, Ali, 2019. "Stock market development and the financing role of IPOs in acquisitions," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 25-38.
- Jean Helwege & Christo Pirinsky & René M. Stulz, 2007.
"Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership,"
Journal of Finance, American Finance Association, vol. 62(3), pages 995-1028, June.
- Helwege, Jean & Pirinsky, Christo & Stulz, Rene M., 2005. "Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership," Working Paper Series 2005-14, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Jean Helwege & Christo Pirinsky & René M. Stulz, 2005. "Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership," NBER Working Papers 11505, National Bureau of Economic Research, Inc.
- Roberts, Michael R. & Whited, Toni M., 2013. "Endogeneity in Empirical Corporate Finance1," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 493-572, Elsevier.
- Fu, Fangjian & Lin, Leming & Officer, Micah S., 2013. "Acquisitions driven by stock overvaluation: Are they good deals?," Journal of Financial Economics, Elsevier, vol. 109(1), pages 24-39.
- Douglas Staiger & James H. Stock, 1997.
"Instrumental Variables Regression with Weak Instruments,"
Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
- Douglas Staiger & James H. Stock, 1994. "Instrumental Variables Regression with Weak Instruments," NBER Technical Working Papers 0151, National Bureau of Economic Research, Inc.
- Thomas J. Chemmanur & Shan He & Debarshi K. Nandy, 2010.
"The Going-Public Decision and the Product Market,"
The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1855-1908.
- Thomas Chemmanur & Shan He & Debarshi Nandy, 2008. "The Going Public Decision and the Product Market," Working Papers 08-20, Center for Economic Studies, U.S. Census Bureau.
- Peter‐Jan Engelen & Michele Meoli & Andrea Signori & Silvio Vismara, 2020. "The effects of stricter regulation on the going public decision of small and knowledge‐intensive firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(1-2), pages 188-217, January.
- Enikolopov, Ruben & Petrova, Maria & Stepanov, Sergey, 2014.
"Firm value in crisis: Effects of firm-level transparency and country-level institutions,"
Journal of Banking & Finance, Elsevier, vol. 46(C), pages 72-84.
- Ruben Enikolopov & Maria Petrova & Sergey Stepanov, 2012. "Firm Value in Crisis: Effects of Firm-Level Transparency and Country-Level Institutions," Working Papers w0184, Center for Economic and Financial Research (CEFIR).
- Ruben Enikolopov & Maria Petrova & Sergey Stepanov, 2012. "Firm Value in Crisis: Effects of Firm-Level Transparency and Country-Level Institutions," Working Papers w0184, New Economic School (NES).
- repec:cup:jfinqa:v:46:y:2011:i:06:p:1755-1793_00 is not listed on IDEAS
- Jay R. Ritter & Andrea Signori & Silvio Vismara, 2013. "Economies of scope and IPO activity in Europe," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 1, pages 11-34, Edward Elgar Publishing.
- Allen, Franklin & Faulhaber, Gerald R., 1989. "Signalling by underpricing in the IPO market," Journal of Financial Economics, Elsevier, vol. 23(2), pages 303-323, August.
- Reuer, Jeffrey J. & Shen, Jung-Chin, 2004. "Sequential divestiture through initial public offerings," Journal of Economic Behavior & Organization, Elsevier, vol. 54(2), pages 249-266, June.
- Sherman, Ann E. & Titman, Sheridan, 2002.
"Building the IPO order book: underpricing and participation limits with costly information,"
Journal of Financial Economics, Elsevier, vol. 65(1), pages 3-29, July.
- Ann E. Sherman & Sheridan Titman, 2000. "Building the IPO Order Book: Underpricing and Participation Limits With Costly Information," NBER Working Papers 7786, National Bureau of Economic Research, Inc.
- Matthew Spiegel & Heather Tookes, 2020. "Why Does an IPO Affect Rival Firms?," The Review of Financial Studies, Society for Financial Studies, vol. 33(7), pages 3205-3249.
- Franck Bancel & Usha R. Mittoo, 2009. "Why Do European Firms Go Public?," European Financial Management, European Financial Management Association, vol. 15(4), pages 844-884, September.
- Luigi Zingales, 1995. "Insider Ownership and the Decision to Go Public," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(3), pages 425-448.
- Andrea Signori & Silvio Vismara, 2017. "Stock-financed M&As of newly listed firms," Small Business Economics, Springer, vol. 48(1), pages 115-134, January.
- Doidge, Craig & Andrew Karolyi, G. & Stulz, Ren M., 2009. "Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time," Journal of Financial Economics, Elsevier, vol. 91(3), pages 253-277, March.
- Bernstein, Shai & Dev, Abhishek & Lerner, Josh, 2020.
"The creation and evolution of entrepreneurial public markets,"
Journal of Financial Economics, Elsevier, vol. 136(2), pages 307-329.
- Bernstein, Shai & Dev, Abhishek & Lerner, Josh, 2018. "The Creation and Evolution of Entrepreneurial Public Markets," Research Papers 3759, Stanford University, Graduate School of Business.
- Shai Bernstein & Abhishek Dev & Josh Lerner, 2018. "The Creation and Evolution of Entrepreneurial Public Markets," NBER Working Papers 25414, National Bureau of Economic Research, Inc.
- Aslan, Hadiye & Kumar, Praveen, 2011. "Lemons or Cherries? Growth Opportunities and Market Temptations in Going Public and Private," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(2), pages 489-526, April.
- Basu, Nilanjan & Dimitrova, Lora & Paeglis, Imants, 2009. "Family control and dilution in mergers," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 829-841, May.
- De, Soumendra & Jindra, Jan, 2012. "Why newly listed firms become acquisition targets," Journal of Banking & Finance, Elsevier, vol. 36(9), pages 2616-2631.
- Silvio Vismara & Stefano Paleari & Jay R. Ritter, 2012. "Europe's Second Markets for Small Companies," European Financial Management, European Financial Management Association, vol. 18(3), pages 352-388, June.
- Daniel Ferreira & Gustavo Manso & André C. Silva, 2014.
"Incentives to Innovate and the Decision to Go Public or Private,"
The Review of Financial Studies, Society for Financial Studies, vol. 27(1), pages 256-300, January.
- Ferreira, Daniel & Manso, Gustavo & Silva, Andre C., 2010. "Incentives to Innovate and the Decision to Go Public or Private," CEPR Discussion Papers 7750, C.E.P.R. Discussion Papers.
- James C. Brau & Bill Francis & Ninon Kohers, 2003. "The Choice of IPO versus Takeover: Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 76(4), pages 583-612, October.
- Matthew Spiegel & Heather Tookes, 2008. "Dynamic Competition, Innovation and Strategic Financing," Yale School of Management Working Papers amz2500, Yale School of Management.
- Jay R. Ritter, 2003. "Differences between European and American IPO Markets," European Financial Management, European Financial Management Association, vol. 9(4), pages 421-434, December.
- Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
- Rhodes-Kropf, Matthew & Robinson, David T. & Viswanathan, S., 2005. "Valuation waves and merger activity: The empirical evidence," Journal of Financial Economics, Elsevier, vol. 77(3), pages 561-603, September.
- Chemmanur, Thomas J & Fulghieri, Paolo, 1999. "A Theory of the Going-Public Decision," The Review of Financial Studies, Society for Financial Studies, vol. 12(2), pages 249-279.
- Chemmanur, Thomas J. & He, Jie & He, Shan & Nandy, Debarshi, 2018. "Product Market Characteristics and the Choice between IPOs and Acquisitions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(2), pages 681-721, April.
- Bayar, Onur & Chemmanur, Thomas J., 2011. "IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(6), pages 1755-1793, December.
- Gao, Xiaohui & Ritter, Jay R. & Zhu, Zhongyan, 2013. "Where Have All the IPOs Gone?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(6), pages 1663-1692, December.
- Shai Bernstein, 2015. "Does Going Public Affect Innovation?," Journal of Finance, American Finance Association, vol. 70(4), pages 1365-1403, August.
- Chod, Jiri & Lyandres, Evgeny, 2011. "Strategic IPOs and product market competition," Journal of Financial Economics, Elsevier, vol. 100(1), pages 45-67, April.
- Matthew Spiegel & Heather Tookes, 2008. "Dynamic Competition, Innovation and Strategic Financing," Yale School of Management Working Papers amz2500, Yale School of Management.
- Abe de Jong & Carel A. Huijgen & Teye A. Marra & Peter Roosenboom, 2012. "Why Do Firms Go Public? The Role of the Product Market," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 39(1-2), pages 165-192, January.
- Bayar, Onur & Chemmanur, Thomas J., 2012. "What drives the valuation premium in IPOs versus acquisitions? An empirical analysis," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 451-475.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Feng, Yun & Liu, Chelsea & Yawson, Alfred, 2023. "Economic shocks, M&A advisors, and industry takeover activity," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Yuji Honjo, 2021. "Public or perish? From founding to initial public offering," Review of Managerial Science, Springer, vol. 15(6), pages 1573-1610, August.
- Andrea Signori & Silvio Vismara, 2017. "Stock-financed M&As of newly listed firms," Small Business Economics, Springer, vol. 48(1), pages 115-134, January.
- Helbing, Pia, 2019. "A review on IPO withdrawal," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 200-208.
- Larrain, Borja & Sertsios, Giorgo & Francisco Urzúa I.,, 2021. "The going public decision of business group firms," Journal of Corporate Finance, Elsevier, vol. 66(C).
- Helbing, Pia & Lucey, Brian M. & Vigne, Samuel A., 2019. "The determinants of IPO withdrawal – Evidence from Europe," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 415-436.
- Greene, Daniel, 2016. "The wealth of private firm owners following reverse mergers," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 56-75.
- Helwege, Jean & Packer, Frank, 2009.
"Private matters,"
Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 362-383, July.
- Jean Helwege & Frank Packer, 2008. "Private matters," BIS Working Papers 266, Bank for International Settlements.
- Martijn J. Assem & Nico L. Sar & Philippe Versijp, 2017. "CEOs and CFOs on IPOs: The Process and Success of Going Public," De Economist, Springer, vol. 165(4), pages 381-410, December.
- Lee, Chien-Chiang & Ning, Shaolin & Hsieh, Meng-Fen & Lee, Chi-Chuan, 2020. "The going-public decision and rent-seeking activities: Evidence from Chinese private companies," Economic Systems, Elsevier, vol. 44(1).
- Jeon, Jin Q. & Lee, Cheolwoo & Nasser, Tareque & Via, M. Tony, 2015. "Multiple lead underwriter IPOs and firm visibility," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 128-149.
- Aghamolla, Cyrus & Thakor, Richard T., 2022. "IPO peer effects," Journal of Financial Economics, Elsevier, vol. 144(1), pages 206-226.
- Azevedo, Alcino & Colak, Gonul & El Kalak, Izidin & Tunaru, Radu, 2024. "The timing of voluntary delisting," Journal of Financial Economics, Elsevier, vol. 155(C).
- Evgeny Lyandres & Fangjian Fu & Erica X. N. Li, 2018. "Do Underwriters Compete in IPO Pricing?," Management Science, INFORMS, vol. 64(2), pages 925-954, February.
- Liu, Jia & Lister, Roger & Pang, Dong, 2013. "Corporate evolution following initial public offerings in China: A life-course approach," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 1-20.
- Signori, Andrea, 2018. "Zero-revenue IPOs," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 106-121.
- Thomas Chemmanur & Jie (Jack) He & Xiao (Shaun) Ren & Tao Shu, 2020. "The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms," Working Papers 20-20, Center for Economic Studies, U.S. Census Bureau.
- Meles, Antonio & Salerno, Dario, 2020. "Abnormal operating performance in IPOs: Does public float matter?," International Review of Financial Analysis, Elsevier, vol. 71(C).
- Franck Bancel & Usha R. Mittoo, 2013. "Survey evidence: what do we know about European and US firms’ motivations for going public?," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 3, pages 57-75, Edward Elgar Publishing.
- Peter‐Jan Engelen & Michele Meoli & Andrea Signori & Silvio Vismara, 2020. "The effects of stricter regulation on the going public decision of small and knowledge‐intensive firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(1-2), pages 188-217, January.
- Divakaruni, Anantha & Jones, Howard, 2021. "Disclosure, Firm Growth, and the JOBS Act," SocArXiv 3zumb, Center for Open Science.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finmar:v:65:y:2023:i:c:s1386418123000198. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/finmar .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.