Raising capital after IPO withdrawal

被引：5
作者：
Boeh, Kevin K. [1 ]
Dunbar, Craig G. [2 ]
机构：
[1] Univ Washington, Foster Sch Business & Econ, Seattle, WA 98195 USA
[2] Western Univ, Ivey Business Sch, 1225 Western Rd Rm 2309, London, ON N6G 0N1, Canada
来源：
JOURNAL OF CORPORATE FINANCE | 2021年 / 69卷
关键词：
IPO; Withdrawal; Private placement; Valuation; Raising capital; INITIAL PUBLIC OFFERINGS; PRIVATE; UNCERTAINTY; CHOICE; OPTION; FIRMS; MODEL;
D O I：
10.1016/j.jcorpfin.2021.102020
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We document outcomes for withdrawn U.S. IPOs (1206) from 1998 to 2017. While prior literature has studied post-withdrawal IPO re-filings and M&A, we consider private capital raising as an alternative to these outcomes as well as a potential complement. We identify factors driving private capital raising post withdrawal. We also examine the impact of key regulatory changes enacted over our sample period intended to ease capital formation. We find no significant impact of the adoption of SEC Rule 155 but a positive effect of the JOBS Act. Private capital raising post withdrawal supports second time IPO plans but not M&A.
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页数：18
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