Stock market development and the financing role of IPOs in acquisitions

Nihat Aktas, Kathleen Andries, Ettore Croci, Ali Ozdakak

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

6 Citazioni (Scopus)


We examine the role of IPOs as a source of financing by comparing firms from countries with different degrees of stock market development. Focusing on acquisition investments, our results suggest that firms operating in economies with a more developed stock market extract more benefits from the financing role of IPOs than firms from countries with a less developed stock market. Controlling for the importance of bank financing does not alter our main findings. IPO firms from market-focused countries also experience a relatively larger increase in size and in profitability in the post-IPO period. Our results indicate that the purpose of IPO financing varies with the financial system in general and with the degree of stock market development in particular.
Lingua originaleEnglish
pagine (da-a)25-38
Numero di pagine14
Stato di pubblicazionePubblicato - 2019


  • Bank-based financial system
  • Economics and Econometrics
  • Finance
  • Financial constraint
  • Ipo
  • Merger and acquisition
  • Stock market development


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