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Global Crises and the Dynamics of IPO Activity

Author

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  • Dencic-Mihajlov Ksenija

    (University of Nis, Faculty of Economics, Serbia,)

Abstract

A milestone for any private company is the issuance of publicly traded stocks. While the motivations and mechanism of the initial public offer are straightforward, the dynamics of the IPO activity is quite complex. Both the number of initial public offerings and the total capital raised in these offerings fluctuate substantially over time. Trends in global IPO activity are difficult to predict, especially in times of market volatility and global crisis. The global financial crisis beginning in 2008 reduced significantly the activity at the global IPO market and no national IPO market was insulated from the financial crisis. Unlike the developed capital markets, funding development of the Serbian companies through the initial public offerings has not yet been common. The absence of the IPOs at the Serbian capital market could be explained by several of factors: legislative barriers, overall economic environment, availability of debt financing, the selected method and course of privatization process, level of investors’ protection, and ownership structure of the Serbian enterprises.

Suggested Citation

  • Dencic-Mihajlov Ksenija, 2010. "Global Crises and the Dynamics of IPO Activity," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 161-166, October.
    • Handle: RePEc:ovi:oviste:v:10:y:2010:i:2:p:161-166
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    More about this item

    Keywords

    Initial Public Offering; Global Crisis; IPO waves; Serbian capital market; IPO regulation.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G01 - Financial Economics - - General - - - Financial Crises

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