Archishman Chakraborty () (Department of Economics and Finance, Baruch College, The City University of New York) Bilge Yilmaz () (Finance Department, The Wharton School, University of Pennsylvania)
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Raising cash in multiple stages can lower financing costs for an entrepreneur faced with multiple, differentially informed, strategic investors. By affecting investor incentives to participate in different rounds, the winner's curse problem can be partially alleviated. The results offer insight into the choice of the relative size of an IPO versus a SEO, and into gradual and partial privatization strategies.
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Article provided by Economics Bulletin in its journal Economics Bulletin.
Find related papers by JEL classification: D8 - Microeconomics - - Information, Knowledge, and Uncertainty G3 - Financial Economics - - Corporate Finance and Governance
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