Fiche du document
7 mai 2022
- handle: 10670/1.jgdi7g
- hal: hal-03676319
- doi: 10.1016/j.jcorpfin.2022.102217
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jcorpfin.2022.102217
info:eu-repo/semantics/OpenAccess
Sujets proches
Learning process Equity--Law and legislation Chancery Businesses Firms Companies Enterprises Business organizations Organizations, Business Scholarship LearningCiter ce document
Magnus Blomkvist et al., « Learning and staged equity financing », HAL-SHS : économie et finance, ID : 10.1016/j.jcorpfin.2022.102217
Métriques
Partage / Export
Résumé
We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on a positive valuation signal. This is driven by two-way learning, as market information complements both corporate disclosure and internal information available to management. In contrast to prior studies, we find that information asymmetry is not a necessary condition for staged financing. Our arguments receive support in a sample of 3,625 U.S. IPOs between 1980-2018.