Macroeconomic and Capital Market Determinants of Initial Public Offerings: A Time-Series Analysis in the Polish Capital Market
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F15%3APU115612" target="_blank" >RIV/00216305:26510/15:PU115612 - isvavai.cz</a>
Result on the web
<a href="http://www.upce.cz/fes/veda-vyzkum/fakultni-casopisy/scipap.html" target="_blank" >http://www.upce.cz/fes/veda-vyzkum/fakultni-casopisy/scipap.html</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Macroeconomic and Capital Market Determinants of Initial Public Offerings: A Time-Series Analysis in the Polish Capital Market
Original language description
The main objective of this study is to indicate the influence of local macroeconomic and capital market factors on the values of IPOs in Poland over the period of 2003 to 2012. Our sample includes 330 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange after Polish EU accession. The models for which estimation results are presented in this paper reveal that the individual country regression analysis working with untransformed IPO values (Model 1) did not generate significant parameter estimates. On the other hand, a logarithmic transformation of IPO values leads to persistently significant estimates for our regressions. Based on the Model (2) the empirical evidence supported the hypothesis that Polish ten-year government bond yields (indicating the price of competing financing funds) have explanatory power for IPO values. However, our assumption that also other macroeconomic- and capital market indicators have explanatory power for IPO values in the Polish capital market could not be supported by empirical evidence.
Czech name
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Czech description
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Classification
Type
J<sub>SC</sub> - Article in a specialist periodical, which is included in the SCOPUS database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Sborník vědeckých prací University Pardubice
ISSN
1211-555X
e-ISSN
1804-8048
Volume of the periodical
XXII
Issue of the periodical within the volume
34
Country of publishing house
CZ - CZECH REPUBLIC
Number of pages
12
Pages from-to
101-112
UT code for WoS article
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EID of the result in the Scopus database
2-s2.0-84969916686