Detail publikace

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

MELUZÍN, T. ZINECKER, M. DOHNAL, M. DOUBRAVSKÝ, K.

Originální název

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

Typ

článek ve sborníku ve WoS nebo Scopus

Jazyk

angličtina

Originální abstrakt

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.

Klíčová slova

Initial Public Offering, IPO, Macroeconomic Determinants, Qualitative Modelling, Scenario, Transition, Capital Market

Autoři

MELUZÍN, T.; ZINECKER, M.; DOHNAL, M.; DOUBRAVSKÝ, K.

Rok RIV

2015

Vydáno

1. 8. 2015

Nakladatel

STEF92 TECHNOLOGY LTD, 1 ANDREY LYAPCHEV BLVD, SOFIA, 1797, BULGARIA

Místo

Sofia, Bulgaria

ISBN

978-619-7105-47-6

Kniha

Political Sciences, Law, Finance, Economics and Tourism

Edice

Finance, Economics & Tourism

Číslo edice

1

Strany od

229

Strany do

236

Strany počet

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"
}