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Initial Public Offerings: CFO Perceptions

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  • James C. Brau
  • Patricia A. Ryan
  • Irv DeGraw
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    Abstract

    We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre- and post-bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long-term abnormal returns. Copyright 2006, The Eastern Finance Association.

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    Bibliographic Info

    Article provided by Eastern Finance Association in its journal Financial Review.

    Volume (Year): 41 (2006)
    Issue (Month): 4 (November)
    Pages: 483-511

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    Handle: RePEc:bla:finrev:v:41:y:2006:i:4:p:483-511

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    Web page: http://www.easternfinance.org/
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