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Article Dans Une Revue Journal of Corporate Finance Année : 2022

Learning and staged equity financing

Magnus Blomkvist
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Timo Korkeamäki
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  • PersonId : 1135038
Tuomas Takalo
  • Fonction : Auteur
  • PersonId : 1135039

Résumé

We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on a positive valuation signal. This is driven by two-way learning, as market information complements both corporate disclosure and internal information available to management. In contrast to prior studies, we find that information asymmetry is not a necessary condition for staged financing. Our arguments receive support in a sample of 3,625 U.S. IPOs between 1980-2018.
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Dates et versions

hal-03676319 , version 1 (23-05-2022)

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Magnus Blomkvist, Timo Korkeamäki, Tuomas Takalo. Learning and staged equity financing. Journal of Corporate Finance, 2022, pp.102217. ⟨10.1016/j.jcorpfin.2022.102217⟩. ⟨hal-03676319⟩

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