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Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange

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Sosnowski T.
Equilibrium. Quarterly Journal of Economics and Economic Policy
|
2015
|
vol. 10
|
issue 2
207-222
EN
This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold
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