How does uncertainty impact IPO activity? International evidence

• Tipo: Artigo em Revista Científica Internacional
• Data: 2023-09-26

Autores

Jorge Farinha (Autor) FEP; Conrado Diego García-Gómez (Autor) Outra; Ender Demir (Autor) Outra; José María Díez-Esteban (Autor) Outra

Revista

Título: Finance Research Letters

Vol. 58

ISSN: 1544-6123

Editora: Elsevier

Indexação

ISI Web of Knowledge - 2 Citações

Scopus - 4 Citações

Outras Informações

ID Authenticus: P-00Z-39V

DOI: 10.1016/j.frl.2023.104517

Abstract (EN): This paper examines the impact of economic uncertainty on IPO activity in 52 countries. Using a dataset of 70,760 IPOs from 1990 to 2021, we find that economic uncertainty (proxied by the World Uncertainty Index) has a negative effect on IPO activity (both IPO count and proceeds). Additionally, we show that a country's institutional quality, characterized using the World Governance Indicators, alleviates the negative effect of uncertainty on IPO activity. These findings are robust to alternative model specifications. Relevant policy implications are also provided.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 12