Motivations for public equity offers: An international perspective Export

@article{citeulike:2254592, abstract = {This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R\&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms tend to save more cash and offer a higher fraction of secondary shares in SEOs than low market to book firms.}, author = {Kim, Woojin and Weisbach, Michael S.}, citeulike-article-id = {2254592}, citeulike-linkout-0 = {http://dx.doi.org/10.1016/j.jfineco.2006.09.010}, citeulike-linkout-1 = {http://www.sciencedirect.com/science/article/B6VBX-4PP77D2-1/2/64020db70b5e140ed09e4c7dd91f0981}, doi = {10.1016/j.jfineco.2006.09.010}, journal = {Journal of Financial Economics}, keywords = {corporate\_finance, ipo}, month = {February}, number = {2}, pages = {281--307}, posted-at = {2008-01-18 23:53:58}, priority = {2}, title = {Motivations for public equity offers: An international perspective}, url = {http://dx.doi.org/10.1016/j.jfineco.2006.09.010}, volume = {87}, year = {2008} }

TY - JOUR ID - citeulike:2254592 L3 - citeulike-article-id:2254592 N2 - This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms tend to save more cash and offer a higher fraction of secondary shares in SEOs than low market to book firms. IS - 2 JF - Journal of Financial Economics EP - 307 TI - Motivations for public equity offers: An international perspective VL - 87 SP - 281 KW - corporate_finance KW - ipo AU - Kim, Woojin AU - Weisbach, Michael PY - 2008/02// UR - http://dx.doi.org/10.1016/j.jfineco.2006.09.010 ER -