Cycles in the IPO Market
本文档由 enbook 分享于2010-11-06 22:18
We develop a model in which time-varying real investment opportunities lead to time- varying adverse selection in the market for initial public oerings. The model is consis- tent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in the number of rms going public, which is in turn positively correlated with und..
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