{"title":"What causes hot markets for equity IPOs? An analysis of initial public offerings in the Netherlands, 1876–2015","authors":"Abe de Jong, Wilco Legierse","doi":"10.1093/EREH/HEAB011","DOIUrl":null,"url":null,"abstract":"\n This paper explains fluctuations in the number of initial public offerings (IPOs) between 1876 and 2015 in the Netherlands. We test an econometric model and find that the number of IPOs is strongly related to the economic growth and the size of the stock exchange. We also find that IPOs are timed to coincide with favorable market conditions. Our model explains almost 50 percent of the fluctuations and most of the hot markets. To further understand IPO waves, we conduct a descriptive analysis, which yields two additional causes for hot markets, i.e., high capital needs and investors’ expectations for specific industries.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":" ","pages":""},"PeriodicalIF":1.2000,"publicationDate":"2021-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Review of Economic History","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1093/EREH/HEAB011","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 4
Abstract
This paper explains fluctuations in the number of initial public offerings (IPOs) between 1876 and 2015 in the Netherlands. We test an econometric model and find that the number of IPOs is strongly related to the economic growth and the size of the stock exchange. We also find that IPOs are timed to coincide with favorable market conditions. Our model explains almost 50 percent of the fluctuations and most of the hot markets. To further understand IPO waves, we conduct a descriptive analysis, which yields two additional causes for hot markets, i.e., high capital needs and investors’ expectations for specific industries.
期刊介绍：
European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.
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