Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange

摘要: This paper empirically investigates the links between motives for going public and changes in market value efficiency of new stock companies. Using a sample 200 firms from Warsaw Stock Exchange 2005 2012 I find that principal purpose initial offering is raising additional capital by company but divestment grounds shareholders are also important. evidence sale secondary shares may be seen as negative signal at aftermarket performance firm. The data reveal most adverse long-term business observed those companies, where both primary were sold.