The Arrival Rate of Initial Public Offers in the UK
研究英国公司为何选择特定时间进行首次公开发行，发现股票市场水平、美国市场引入和商业周期指标对IPO数量和金额有显著正向影响，且股票指数可预测IPO活动。
The Initial Public Offer (IPO) is an important event in the development of a firm yet there is little evidence regarding why firms choose certain times to come to the market. This paper extends the available evidence, concentrating on UK data and addressing a number of econometric problems with earlier papers. These advances include acknowledging the non‐negative integer characteristics of count data, compensating for non‐stationarity in the data, and explicitly testing for causality. The paper examines the incentives to conduct an IPO and the results suggest that both the value and number of IPOs are positively and significantly associated with the level of the stock market, with the introduction of the USM, and, in the case of the number of IPOs, positively and significantly associated with a business cycle indicator. Tests of causality suggest that the stock index predicts both the value and number of IPOs.