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Faculté et Recherche

IPOs, Employee Reallocation, and New Firm Creation - Tania Babina

06 juin
2019
14H00
Jouy-en-Josas
Anglais

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2019-06-06T14:00:00 2019-06-06T15:15:00 IPOs, Employee Reallocation, and New Firm Creation - Tania Babina Finance Speaker : Tania Babina Buil. T - Room T105 Jouy-en-Josas

Finance

Speaker : Tania Babina

Buil. T - Room T104

We examine the effect of a successful initial public offering (IPO) on employee reallocation and new firm creation. After controlling for endogeneity, we document that a successful IPO induces employees to leave for startups, but has no impact on departures to established firms. Cross-sectional results suggest that these findings are driven by a wealth shock mechanism, as employees cash out stock holdings following the IPO. From the perspective of the IPO firm, the loss of entrepreneurial-minded employees is counter-balanced by a significant increase in employment of high-wage workers. These results suggest that public markets are important for the reallocation of valuable human capital to startups.

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2019-06-06T14:00:00 2019-06-06T15:15:00 IPOs, Employee Reallocation, and New Firm Creation - Tania Babina Finance Speaker : Tania Babina Buil. T - Room T105 Jouy-en-Josas