Initial Public Offerings: CFO Perceptions
We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correl...
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| Veröffentlicht in: | The Financial review (Buffalo, N.Y.) N.Y.), 2006-11, Vol.41 (4), p.483-511 |
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| container_end_page | 511 |
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| container_issue | 4 |
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| container_title | The Financial review (Buffalo, N.Y.) |
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| creator | Brau, James C. Ryan, Patricia A. DeGraw, Irv |
| description | We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns. |
| doi_str_mv | 10.1111/j.1540-6288.2006.00154.x |
| format | Article |
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| identifier | ISSN: 0732-8516 |
| ispartof | The Financial review (Buffalo, N.Y.), 2006-11, Vol.41 (4), p.483-511 |
| issn | 0732-8516 1540-6288 |
| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; Business Source Complete |
| subjects | chief financial officer Chief financial officers equity offering G14 G24 G32 G34 Going public Initial public offerings perceptions Rates of return Studies survey |
| title | Initial Public Offerings: CFO Perceptions |
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