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MELUZÍN, T. ZINECKER, M. DOHNAL, M. DOUBRAVSKÝ, K.
Original Title
Initial Public Offering Qualitative Unsteady-State Model Based on Exogenous Variables
Type
conference paper
Language
English
Original Abstract
Initial Public Offering (IPO) decision support models are based on complex and vague network of knowledge items. However, IPO related processes based on exogenous variables are highly non-linear, vague, partially inconsistent and multidimensional systems. It is prohibitively difficult to study them on quantitative levels e.g. using numerical values, especially under conditions of capital markets with a lack of appropriate data sets. The resulting oversimplified models and therefore inapplicable results are often obtained. The purpose of this article is to explore exogenous factors that influence the decision of enterprises about IPO timing and thus to enlarge the current IPO literature with applying qualitative modelling to support CFOs when considering the timing of new issues under conditions of emerging and underdeveloped capital markets. Our IPO qualitative model is based on 12 variables and 30 qualitative relations among them. The model has 27 solutions/scenarios. All transitions are given in a form of an oriented graph which represents a qualitative equivalent of a phase portrait. The qualitative model suggests all possible developments of external, i.e. macroeconomic and capital market, environment which takes influence on IPO decisions.
Keywords
Initial Public Offering, IPO, Macroeconomic Determinants, Qualitative Modelling, Scenario, Transition, Capital Market
Authors
MELUZÍN, T.; ZINECKER, M.; DOHNAL, M.; DOUBRAVSKÝ, K.
RIV year
2015
Released
1. 8. 2015
Publisher
STEF92 TECHNOLOGY LTD, 1 ANDREY LYAPCHEV BLVD, SOFIA, 1797, BULGARIA
Location
Sofia, Bulgaria
ISBN
978-619-7105-47-6
Book
Political Sciences, Law, Finance, Economics and Tourism
Edition
Finance, Economics & Tourism
Edition number
1
Pages from
229
Pages to
236
Pages count
8
BibTex
@inproceedings{BUT127111, author="Tomáš {Meluzín} and Marek {Zinecker} and Mirko {Dohnal} and Karel {Doubravský}", title="Initial Public Offering Qualitative Unsteady-State Model Based on Exogenous Variables", booktitle="Political Sciences, Law, Finance, Economics and Tourism", year="2015", series="Finance, Economics & Tourism", number="1", pages="229--236", publisher="STEF92 TECHNOLOGY LTD, 1 ANDREY LYAPCHEV BLVD, SOFIA, 1797, BULGARIA", address="Sofia, Bulgaria", isbn="978-619-7105-47-6" }