Initial Public Offerings: CFO Perceptions

被引：18

作者：

Brau, James C. ^{[1
]}

Ryan, Patricia A. ^{[2
]}

DeGraw, Irv ^{[3
]}

机构：

[1] Brigham Young Univ, Provo, UT USA

[2] Colorado State Univ, Ft Collins, CO USA

[3] St Petersburg Coll, St Petersburg, FL USA

来源：

FINANCIAL REVIEW | 2006年 / 41卷 / 04期

关键词：

initial public offerings; equity offering; survey; chief financial officer; perceptions;

D O I：

10.1111/j.1540-6288.2006.00154.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre-and post-bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long-term abnormal returns.

引用

页码：483 / 511

页数：29

共 52 条

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