ハン ホウタツ   FAN Pengda
  笵 鵬達
   所属   立命館アジア太平洋大学  国際経営学部
   職種   助教
言語種別 英語
発行・発表の年月 2019/02
形態種別 論文(学術誌・プロフェショナル誌)
査読 査読あり
標題 Credit Crunch and Timing of Initial Public Offerings
執筆形態 第一著書
掲載誌名 Pacific-Basin Finance Journal 53 (2019), 22-39 (53) 22-39 Feb 2019
著者・共著者 内田交謹
概要 著名な雑誌への論文掲載・申請:有り

We find that firms with more outstanding short-term debt are more likely to go public in bear markets than firms with less short-term debt. Importantly, this finding is evident for firms going public after a reduction of total bank credits in the loan market. Bear market IPOs repay more short-term debt during the IPO year than other IPOs do, and have lower offering prices and proceeds. These results suggest a credit crunch significantly affects the timing and costs of IPOs when firms owe significant short-term debt
DOI https://doi.org/10.1016/j.pacfin.2018.09.003
ISSN 0927-538X