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MELUZÍN, T. ZINECKER, M. BALCERZAK, A. PIETRZAK, M. DOUBRAVSKÝ, K. DOHNAL, M.
Original Title
The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends
Type
journal article in Web of Science
Language
English
Original Abstract
The objective of this study is to develop a qualitative model supporting chief financial officers (CFOs) while considering the timing of initial public offerings (IPOs) under conditions of underdeveloped capital markets, where decision making is often made under information shortage. A lack of adequate statistical data in connection with turbulently changing environment suggests that additional research is needed to develop new IPO timing models based not only on statistical analyses. We used a qualitative research approach based on trends, which are increasing, constant or decreasing. Firstly, we identified key variables influencing IPO timing, which have sufficient support in the relevant IPO academic literature, e.g. GDP growth rates, level of compliance, stock market returns, etc. Next, a qualitative model working with 9 variables was developed. The result is represented by 19 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 19 scenarios. The main message of the findings presented is what scenarios can occur and what actions might be implemented by CFOs in order to increase the chances of IPO success. We believe that our findings provide valuable implications for local issuers, investment bankers, stock exchanges and macroeconomic policy makers.
Keywords
initial public offering, IPO, timing, determinants, macroeconomics, microeconomics, heuristics, qualitative, scenario, transition
Authors
MELUZÍN, T.; ZINECKER, M.; BALCERZAK, A.; PIETRZAK, M.; DOUBRAVSKÝ, K.; DOHNAL, M.
Released
30. 4. 2018
Publisher
Vilnius Gediminas Technical University
Location
Vilnius, Lithuania
ISBN
1611-1699
Periodical
J BUS ECON MANAG
Year of study
19
Number
1
State
Republic of Lithuania
Pages from
63
Pages to
79
Pages count
17
URL
https://journals.vgtu.lt/index.php/JBEM/article/view/1539
Full text in the Digital Library
http://hdl.handle.net/11012/195259
BibTex
@article{BUT148094, author="Tomáš {Meluzín} and Marek {Zinecker} and Adam Przemyslaw {Balcerzak} and Michał Bernard {Pietrzak} and Karel {Doubravský} and Mirko {Dohnal}", title="The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends", journal="J BUS ECON MANAG", year="2018", volume="19", number="1", pages="63--79", doi="10.3846/jbem.2018.1539", issn="1611-1699", url="https://journals.vgtu.lt/index.php/JBEM/article/view/1539" }