We examine factors that influence the choice between an initial public offering (IPO) and a
takeover by a public acquirer. Our results show that the industry concentration, high‐tech …

We examine the impact of initial public offerings (IPOs) on rival firms and find that the
valuation effects are insignificant. This insignificant reaction can be explained by offsetting …

In this paper, we find support for initial public offerings (IPOs) motivated by subsequent
acquisition activity. Over a third of newly public firms enter the market for corporate control as …

Using a hand-collected data set of private firm acquisitions and IPOs, this paper develops
the first empirical analysis in the literature of the “IPO valuation premium puzzle,” which …

Newly public firms make acquisitions at a torrid pace. Their large acquisition appetites reflect
the concentration of initial public offerings (IPOs) in mergers and acquisitions-(M&A-) …

We analyze the effect of initial public offerings (IPOs) on industry competitors and provide
evidence that companies experience negative stock price reactions to completed IPOs in …

During 1980–2000, an average of 310 companies per year went public in the United States.
Since 2000, the average has been only 99 initial public offerings (IPOs) per year, with the …

We model owners as solving a multidimensional problem when taking their firms public.
Owners can affect the level of underpricing through the choices they make in promoting an …

We study two alternative means to move assets from private to public ownership: through the
acquisition of private companies by firms that are public (sellouts) or through initial public …

Using a large database of private firms in Italy, we analyze the determinants of initial public
offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of …