Oil Price Uncertainty and IPOs

被引：0

作者：

Blomkvist, Magnus ^{[1
]}

Dimic, Nebojsa ^{[2
]}

Vulanovic, Milos C. ^{[1
]}

机构：

[1] EDHEC Business Sch, Dept Data Sci Econ & Finance, 24 Ave Gustave Delory,CS 50411, F-59057 Roubaix 1, France

[2] Univ Vaasa, Sch Accounting & Finance, Wolffintie 34, Vaasa 65200, Finland

来源：

ENERGY JOURNAL | 2023年 / 44卷 / 06期

关键词：

Energy economics; IPOs; Implied crude oil volatility; Oil and gas; sector; Oil price uncertainty; POLITICAL UNCERTAINTY; UNIT ROOTS; INVESTMENT; VOLATILITY; OPTION; IRREVERSIBILITY; WITHDRAW; DEMAND; SHOCKS; TIME;

D O I：

10.5547/01956574.44.6.mblo

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the impact of oil price uncertainty on IPO volume in the oil and gas sector. By using the implied volatility of oil options, a forward-looking uncertainty measure, we identify the effect of uncertainty on the going-public decision. Oil price uncertainty exhibits a strong negative relation to IPO volume. A one standard deviation decrease in the implied volatility results in a 29% increase in the number of quarterly IPOs. The effect is concentrated among the price-sensitive upstream producers. We further report that uncertainty positively impacts the IPO withdrawal decision and increases the value of postponing the offering.

引用

页码：43 / 64

页数：22

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