Autori
Roggi, Oliviero
Cioli, Valentina
Giannozzi, Alessandro
Fargion, Ruben

Titolo
Le determinanti nella decisione di rinuncia all'IPO. Un'analisi empirica sul mercato azionario italiano
Periodico
Banca impresa società
Anno: 2019 - Volume: 38 - Fascicolo: 1 - Pagina iniziale: 79 - Pagina finale: 112

The aim of the paper is to investigate the firm-specific and market-specific determinants of the IPO withdrawals, after the filing of Borsa Italiana. This study is based on the Italian Stock Exchange and analyzes the quotation admission requests presented in the period 2007-2016. On a dataset of 52 planned IPO (15 withdrawals and 37 successful IPO), we run probit regressions to test the effect of each variable on the probability of withdrawal from the IPO process. Our findings demonstrate that the interest rates, the market sentiment and the government integrity exert a negative effect on the probability of withdrawal from the IPO. Two ex ante variables, such as the net profitability and the age of the company, exert respectively a negative and positive effect on the probability of withdrawal.



SICI: 1120-9453(2019)38:1<79:LDNDDR>2.0.ZU;2-K
Testo completo: https://www.rivisteweb.it/download/article/10.1435/93957
Testo completo alternativo: https://www.rivisteweb.it/doi/10.1435/93957

Esportazione dati in Refworks (solo per utenti abilitati)

Biblioteche ACNP che possiedono il periodico