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Macroeconomic uncertainty, the option to wait and IPO issue cycles

journal contribution
posted on 2024-11-01, 03:05 authored by Binh NguyenBinh Nguyen
This paper uses the macroeconomic uncertainty measure proposed by Jurado, Ludvigson, and Ng (2015) to explain the U.S. Initial Public Offering (IPO) issue cycles. Controlling for a large set of variables, time series estimations reveal a strong and robust negative impact of macroeconomic uncertainty on the IPO activity. An increase in macroeconomic uncertainty by one standard deviation lowers the number of monthly IPOs by roughly four in the long-run. Both the reduction of the number of IPO filings and the rise of withdrawn IPOs contribute to the lower number of IPOs in response to an uncertainty shock

History

Journal

Finance Research Letters

Volume

32

Number

101100

Start page

1

End page

9

Total pages

9

Publisher

Academic Press

Place published

United States

Language

English

Copyright

© 2019 Elsevier Inc. All rights reserved.

Former Identifier

2006092443

Esploro creation date

2020-06-22

Fedora creation date

2020-04-21

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