Zero-revenue IPOs
Abstract
Information-based models of the IPO decision suggest that going public before having generated revenues is inefficient. Still, 15% of firms going public in Europe have not reported revenues prior to the IPO. This paper investigates why these firms decide to conduct an IPO and examines whether the absence of revenues affects the outcomes of this decision. The evidence shows that zero-revenue firms go public to fund investments, mainly in the form...
Paper Details
Title
Zero-revenue IPOs
Published Date
May 1, 2018
Volume
57
Pages
106 - 121
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