Publication detail

Initial Public Offering Qualitative Unsteady-State Model Based on Exogenous Variables

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"
}