Research Seminars

Do IPOs' Characteristics Affect the Likelihood of Post-Offering

Speaker: Dr Roberto Ragozzino
University of Central Florida

30 January 2006 - From 16h30 to 19h

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The strategy and financial economics literature have long investigated the problem of adverse selection between buyers and sellers in M&A markets, which can create inefficiencies and stop acquirers from gaining access to valuable resources and capabilities via acquisitions. In turn, the entrepreneurship literature has highlighted the challenges faced by entrepreneurial firms to raise external capital, due to the asymmetric information that separates them from prospective exchange partners. In this paper, we study initial public offerings and their characteristics as vehicles to bring these parties together in M&A. Precisely, we investigate several micro features of IPOs that provide signals mitigating the problems stemming from information asymmetry across entrepreneurial firms and acquirers. We construct hazard models that bring strong evidence that certain IPO characteristics can influence the likelihood of entrepreneurial firms attracting M&A suitors.

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