WHY DO FIRMS GO PUBLIC? Forthcoming in the Oxford Handbook of Entrepreneurial Finance James C. Brau‚ PhD‚ CFA Professor of Finance Editor‚ Journal of Entrepreneurial Finance July 1‚ 2010 Department of Finance Marriott School Brigham Young University 640 Tanner Building Provo‚ Utah 84602 Phone: 801.318.7919 Fax: 801.422.0741 Electronic copy available at: http://ssrn.com/abstract=1649008 WHY DO FIRMS GO PUBLIC? Six months after he founded Netscape‚ Clark agitated for the company
Premium Corporate finance Stock market Initial public offering
Structure* Joshua D. Rauh Kellogg School of Management and NBER Amir Sufi University of Chicago Booth School of Business and NBER February 2010 *We thank Doug Diamond‚ Anil Kashyap‚ Gordon Phillips‚ Michael Roberts‚ Toni Whited‚ Luigi Zingales‚ and seminar participants at Emory University‚ Georgetown University‚ Maastricht University‚ Rice University‚ Tilburg University‚ the University of California-Berkeley‚ the University of Chicago‚ the University of Colorado‚ the University of Maryland
Premium Debt Finance Credit
Finance 4‚ 335-362. White‚ L.J. (1984). Free Banking in Britain: Theory‚ Experience and Debate 1800-1845‚ Cambridge: Cambridge University Press. Williamson‚ O.E. (1988). Corporate finance and corporate governance‚ Journal of Finance 43‚ 567-591. Zingales‚ L. (2000). In search of new foundations‚ Journal of Finance 55‚ 1623-1653. 1. G.M.M. Gelauff and C. den Broeder‚ Governance of Stakeholder relationships; The German and Dutch experience‚ Amsterdam‚ 1997‚ ISBN 90-5143-024-8. Survival‚ Amsterdam‚
Premium Economics Financial services
difficulties to raise additional debt because the banks take the increasing risk into account (Gill de Albornoz and Pope‚ 2004). But going public can increase the competitiveness among the firm’s lenders and creates a larger pool of financial supplies (Rajan‚ 1992). With this in mind‚ we would expect that firms with a higher leverage ratio and thus more investment opportunities and high growth (Myers‚ 1977)‚ are more likely to go public. Fischer (2000) also expect companies in new industries to be more
Premium Stock market Economics Management
Florencio‚ Shleifer Andrei and Vishny‚ Robert W. "Law and Finance‚" Journal of Political Economy‚ December 1998‚ 106(6)‚ 1113-1155. McKinnon‚ Richard I. Money and Capital in Economic Development. 1973. Washington‚ D.C.: Brookings Institution. Rajan‚ Raghuram and Zingales‚ Luigi. 1998. "Financial Dependence and Growth." American Economic Review.‚ 88‚ 1998‚ 559-586. 70 ECONOMIC THEORY IN THE LIGHT OF SCHUMPETER’S SCIENTIFIC HERITAGE Romer‚ Paul M. 1986. “Increasing Returns and Long-Run Growth.” Journal of
Premium Economics Economic growth
Journal of Business Research‚ vol. 4‚ 2002 This article is brought to you by www.bdresearch.org A Comparison of Capital Structures Among MNCs and Local Companies in Bangladesh Javed Siddiqui* M. Zillur Rahman** Abstract: Prior studies in capital structure have attempted at establishing relationships between profitability and level of gearing. This study attempts at presenting a comparison of capital structures between MNCs and local blue chip companies enlisted with the DSE. The study concludes
Premium Finance Capital structure Corporate finance
and stock swaps – new evidence‚ Financial Management 20‚ 3‚ 34-48. Cornett‚ M.M. and N.G. Travlos‚ 1989. Information effects associated with debt-for-equity and equityfor-debt exchange offers‚ Journal of Finance 44‚ 451-468. Daniel‚ K. and S. Titman‚ 1995. Financing investment under asymmetric information‚ in R.A. Jarrow‚ V. Dann‚ L.Y.‚ 1981. Common stock repurchases: An analysis of returns to bondholders and stockholders‚ Journal of Financial Economics 9‚ 113-138. Dann‚ L.Y. and W. Mikkelson‚ 1984
Premium Stock Stock market Corporate finance
Nissim‚ Dornon‚ & Penman‚ Stephen. (2003). Financial Statement Analysis of Leverage and How It Performs About Profitability and Price-to-Book Ratios. Review of Accounting Studies‚ 531-560. http://dx.doi.org/10.1023/A:1027324317663 Rajan‚ Raghuram‚ & Zingales‚ Luigi. (1995). What Do We Know about Capital Structure: Some Evidence from International Data. Journal of Finance‚ 1421-1460. http://dx.doi.org/10.1111/j.1540-6261.1995.tb05184.x Ting‚ Chao Chiung. (2010). The Optimal Size of the Firm and Growth
Premium Finance Weighted average cost of capital Economics
Scharfstein‚ and J. Stein. 1994. A Framework for Risk Management. Harvard Business Review 72:91–102. Gaspar‚ J. M.‚ M. Massa‚ and P. Matos. 2005. Shareholder Investment Horizons and the Market for Corporate Control Gilchrist‚ S.‚ and C. Himmelberg. 1995. Evidence on the Role of Cash Flow for Investment. Journal of Monetary Economics 36:541–72. Gilchrist‚ S.‚ C. Himmelberg‚ and G. Huberman. 2005. Do Stock Price Bubbles Influence Corporate Investment? Journal of Monetary Economics 52:805–27. Hand‚ J
Premium Stock market Stock
carry messages on gender stereotypes as the traits the characters in the films embody serve as a signal for audiences to follow. Traditionally‚ males are regarded as ‘real men’ when they accomplish jobs which males customarily ought to do (Rajan‚ 2006). Rajan (2006) elucidates that these include having a stable job‚ fulfilling family and social obligations‚ playing sports and being heterosexual and that masculinity is attained by the amount of recognition received for their actions. Additionally
Premium Gender Gender role Femininity