skip to content
Interest rates and initial public offerings Preview this item
ClosePreview this item
Checking...

Interest rates and initial public offerings

Author: Boyan Jovanovic; Peter L Rousseau; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2004.
Series: Working paper series (National Bureau of Economic Research), no. 10298.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens because during the pre-IPO period the firm forgoes earnings that do not matter as much at low interest rates. The 1950's  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Boyan Jovanovic; Peter L Rousseau; National Bureau of Economic Research.
OCLC Number: 56024684
Notes: "February 2004."
Description: 1 online resource (22 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 10298.
Responsibility: Boyan Jovanovic, Peter L. Rousseau.

Abstract:

"We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens because during the pre-IPO period the firm forgoes earnings that do not matter as much at low interest rates. The 1950's and early 1960's, especially, were periods of very low real interest rates, and IPO investment was low, with firms delaying their IPOs significantly. A qualitative difference seems to exist between investment of IPO-ing firms and the investment of incumbent firms which is decreasing in the interest rate, as neoclassical theory predicts"--National Bureau of Economic Research web site.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/56024684> # Interest rates and initial public offerings
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
   library:oclcnum "56024684" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/13852469#Place/cambridge_mass> ; # Cambridge, Mass.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://id.worldcat.org/fast/976178> ; # Interest rates
   schema:about <http://id.worldcat.org/fast/944353> ; # Going public (Securities)
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/28007703> ; # Peter L. Rousseau
   schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
   schema:copyrightYear "2004" ;
   schema:creator <http://viaf.org/viaf/91668796> ; # Boyan Jovanovic
   schema:datePublished "2004" ;
   schema:description ""We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens because during the pre-IPO period the firm forgoes earnings that do not matter as much at low interest rates. The 1950's and early 1960's, especially, were periods of very low real interest rates, and IPO investment was low, with firms delaying their IPOs significantly. A qualitative difference seems to exist between investment of IPO-ing firms and the investment of incumbent firms which is decreasing in the interest rate, as neoclassical theory predicts"--National Bureau of Economic Research web site."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/13852469> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/13852469#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/13852469#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:name "Interest rates and initial public offerings"@en ;
   schema:productID "56024684" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/56024684#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2004> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/13852469#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://papers.nber.org/papers/w10298> ;
   schema:url <http://papers.nber.org/papers/w10298.pdf> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/56024684> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/13852469#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/13852469#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/13852469#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/56024684> ; # Interest rates and initial public offerings
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/13852469#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/56024684> ; # Interest rates and initial public offerings
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.worldcat.org/fast/944353> # Going public (Securities)
    a schema:Intangible ;
   schema:name "Going public (Securities)"@en ;
    .

<http://id.worldcat.org/fast/976178> # Interest rates
    a schema:Intangible ;
   schema:name "Interest rates"@en ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/28007703> # Peter L. Rousseau
    a schema:Person ;
   schema:familyName "Rousseau" ;
   schema:givenName "Peter L." ;
   schema:name "Peter L. Rousseau" ;
    .

<http://viaf.org/viaf/91668796> # Boyan Jovanovic
    a schema:Person ;
   schema:birthDate "1951" ;
   schema:familyName "Jovanovic" ;
   schema:givenName "Boyan" ;
   schema:name "Boyan Jovanovic" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.