To wait or not to wait: When do announced Initial Public Offerings are completed?
Bibliographic record
Abstract
This paper proposes a model that formalizes the optimal external timing for an initial public offering using real options concept and also presents empirical analysis. It is the first study to investigate the factors influencing the IPO waiting period. We find strong evidence of information production by waiting period. In line with the predictions of our model, the waiting period is more likely to be longer the larger syndicate size. We argue that the high competition risk among syndicate members (Corwin and Schultz, 2005) for larger syndicate size sets back the completion of the IPO. We provide evidence that the waiting period is also strongly related to leverage, investment and managerial incentives. Controlling for other potential determinants, we show that the probability of switching syndicate size in subsequent SEOs is strongly related to waiting periods and underwriter switches. We finally show that the longer the SEO waiting period the better the first-day market reaction on subsequent SEO date given that longer waiting periods are associated with less adverse selection risk.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.019 |
| Meta-epidemiology (narrow) | 0.000 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.004 | 0.006 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.003 | 0.003 |
| Insufficient payload (model declined to judge) | 0.015 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".