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How does uncertainty impact IPO activity? International evidence

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dc.title How does uncertainty impact IPO activity? International evidence en
dc.contributor.author Demir, Ender
dc.contributor.author García-Gómez, Conrado Diego
dc.contributor.author Díez-Esteban, José María
dc.contributor.author Farinha, Jorge Bento
dc.relation.ispartof Finance Research Letters
dc.identifier.issn 1544-6123 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn 1544-6131 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2023
utb.relation.volume 58
dc.type article
dc.language.iso en
dc.publisher Elsevier Ltd
dc.identifier.doi 10.1016/j.frl.2023.104517
dc.relation.uri https://doi.org/10.1016/j.frl.2023.104517
dc.relation.uri https://www.sciencedirect.com/science/article/pii/S1544612323008899
dc.relation.uri https://www.sciencedirect.com/science/article/pii/S1544612323008899/pdfft?md5=ea17196c0ca6b2206e1a65174ccf1372&pid=1-s2.0-S1544612323008899-main.pdf
dc.subject world uncertainty index en
dc.subject IPO activity en
dc.subject IPO proceeds en
dc.subject institutional quality en
dc.description.abstract This paper examines the impact of economic uncertainty on IPO activity in 52 countries. Using a dataset of 70,760 IPOs from 1990 to 2021, we find that economic uncertainty (proxied by the World Uncertainty Index) has a negative effect on IPO activity (both IPO count and proceeds). Additionally, we show that a country's institutional quality, characterized using the World Governance Indicators, alleviates the negative effect of uncertainty on IPO activity. These findings are robust to alternative model specifications. Relevant policy implications are also provided. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1011718
utb.identifier.obdid 43884990
utb.identifier.scopus 2-s2.0-85173781324
utb.identifier.wok 001098491700001
utb.source j-scopus
dc.date.accessioned 2023-12-05T11:36:34Z
dc.date.available 2023-12-05T11:36:34Z
dc.description.sponsorship Ministry of Science, Innovation, (PID2020-114797GB-I00); Fundação para a Ciência e a Tecnologia, FCT, (UIDB/04105/2020)
utb.ou Department of Business Administration
utb.contributor.internalauthor Demir, Ender
utb.fulltext.sponsorship This research has been financed by Spanish Public Funds through the Ministry of Science, Innovation in the framework of the project PID2020-114797GB-I00 and Portuguese Public Funds through FCT - Fundação para a Ciência e a Tecnologia, I.P., in the framework of the project UIDB/04105/2020.
utb.wos.affiliation [Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Reykjavik, Iceland; [Demir, Ender] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin, Czech Republic; [Garcia-Gomez, Conrado Diego] Univ Valladolid, Dept Financial Econ & Accounting, Duques de Soria Campus,Calle Univ S-N, Soria 42004, Spain; [Garcia-Gomez, Conrado Diego] Univ Porto, Ctr Econ & Finance CEF UP, Porto, Portugal; [Diez-Esteban, Jose Maria] Univ Burgos, Dept Econ & Business Adm, Pza Infanta Elena, Burgos 09001, Spain; [Farinha, Jorge Bento] Univ Porto, Fac Econ, Rua Roberto Frias, P-4200464 Porto, Portugal; [Farinha, Jorge Bento] Univ Porto, Ctr Econ & Finance CEF UP, Rua Roberto Frias, P-4200464 Porto, Portugal
utb.scopus.affiliation Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland; Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic; Department of Financial Economics and Accounting, University of Valladolid, Duques de Soria Campus, Calle Universidad s/n, Soria, 42004, Spain; Center for Economics and Finance (CEF-UP), University of Porto, Porto, Portugal; Department of Economics and Business Administration, University of Burgos, Pza, Burgos, Infanta Elena, 09001, Spain; Faculty of Economics and Center for Economics and Finance (CEF-UP), University of Porto, Rua Roberto Frias, Porto, 4200-464, Portugal
utb.fulltext.projects PID2020-114797GB-I00
utb.fulltext.projects UIDB/04105/2020
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