| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6067 |
| DP6067 Monetary Policy in a Small Open Economy with a Preference for Robustness | |
| Ulf Söderström; Kai Leitemo | |
| 发表日期 | 2007-01-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We develop a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public against benefits of private control. The model predicts that firm profitability should decline after the IPO, on average, and that this decline should be larger for firms with more volatile profitability and firms with less uncertain average profitability. These predictions are supported empirically in a sample of 7,183 IPOs in the U.S. between 1975 and 2004. |
| 主题 | Financial Economics |
| 关键词 | Diversification Ipo Learning |
| URL | https://cepr.org/publications/dp6067 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534905 |
| 推荐引用方式 GB/T 7714 | Ulf Söderström,Kai Leitemo. DP6067 Monetary Policy in a Small Open Economy with a Preference for Robustness. 2007. |
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