IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Factores determinantes de la salida a bolsa en España

Listed author(s):
  • Joaquín Farinos

    (Universitat de València)

  • Vicente Sanchis

    (Universitat de València)

Registered author(s):

    Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firm's need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firm's economic and financial structure. Our results are consistent with the portfolio rebalancing motive and the hypothesis of windows of opportunity to go public. Aunque la decisión de salir a bolsa ha sido abordada desde diferentes teorías, la investigación empírica sobre esta cuestión es escasa en los mercados de la Europa continental. En España éste es el primer trabajo que realiza una investigación tanto ex ante como ex post de esta decisión empleando para ello una amplia base de datos de empresas que potencialmente podrían salir a bolsa mediante una oferta pública de títulos (OPI). Nuestros resultados son, en parte, consistentes con la evidencia obtenida en otros países de nuestro entorno. La evidencia que obtenemos sugiere que las empresas que deciden salir a bolsa son empresas jóvenes que han realizado una intensa inversión en activo fijo previamente a la OPI y que no buscarían con su salida a bolsa la obtención directa de recursos para financiar su actividad sino, por el contrario, propiciar las condiciones para poder reequilibrar su estructura económica y financiera. Nuestra evidencia empírica está de acuerdo con los motivos de reequilibrar la cartera de los propietarios y la hipótesis de las ventanas de oportunidad.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Fisrt version / Primera version, 2009
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2009-03.

    in new window

    Length: 64 pages
    Date of creation: Mar 2009
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2009-03
    Contact details of provider: Postal:
    C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2009-03. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.