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IPOs and Entrepreneurial Firms

Author

Listed:
  • Giancarlo Giudici
  • Silvio Vismara

Abstract

The listing on a stock exchange is a paramount milestone in the life cycle of an enterprise. By taking their company public on a stock market through an Initial Public Offering (IPO), entrepreneurs may target several benefits (e.g., raising money, facilitating acquisitions, offering valuable stock ownership plans to employees) but their firms will bear new costs and requirements. In this work we review the academic literature on IPOs of entrepreneurial firms, focusing on five main topics: (i) the going public decision, (ii) pricing and valuation, (iii) the role of intermediaries and underwriters in the listing process, (iv) the performance of IPO-firms in the short and long run, and (v) market cycles in the IPO industry.

Suggested Citation

  • Giancarlo Giudici & Silvio Vismara, 2021. "IPOs and Entrepreneurial Firms," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 17(8), pages 766-852, October.
    • Handle: RePEc:now:fntent:0300000067
    DOI: 10.1561/0300000067
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    References listed on IDEAS

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    1. repec:bla:jfinan:v:43:y:1988:i:4:p:789-822 is not listed on IDEAS
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    8. William J. Wilhelm, 2005. "Bookbuidling, Auctions, and the Future of the IPO Process," Journal of Applied Corporate Finance, Morgan Stanley, vol. 17(1), pages 55-66, January.
    9. Joseph Weber & Michael Willenborg, 2003. "Do Expert Informational Intermediaries Add Value? Evidence from Auditors in Microcap Initial Public Offerings," Journal of Accounting Research, Wiley Blackwell, vol. 41(4), pages 681-720, September.
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