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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3233| Title: | Non-market interaction in primary equity markets : evidence from France and Germany |
| Keywords: | G18 G12 G14 ddc:330 Initial public offerings , New technology-based firms , Information spillover , Hot issue market , Non-market interaction Wertpapieremission Börsenkurs Bubbles Volatilität Informationsverhalten Spillover-Effekt Rationale Erwartung Wohlfahrtseffekt Schätzung Deutschland Frankreich |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | This paper provides micro-econometric evidence on the relevance of non-market interaction for the timing of initial public offerings (IPOs) in the French and German primary equity markets. The surge of IPO volume in the late 1990s appears to be consistent with rational expectations, not with adaptive expectations derived from the performance of past IPOs. This finding tends to support the hypothesis that hot issue markets are endogenous and that they may generate large welfare gains by boosting the incentives for technological innovation in start-up firms, potentially creating a self-fulfilling prophecy. A variety of empirical approaches and policy implications are discussed. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3233 |
| Other Identifiers: | Kiel working paper Institut für Weltwirtschaft, Kiel 1211 http://hdl.handle.net/10419/3233 ppn:387491961 ppn:387491961 |
| Appears in Collections: | EconStor |
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