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1、Whydocompaniesgopublic?(Pagano,Panetta&Zingale,JF,1998)PurposeAnalyzeex-antecharacteristicsofIPOdecisionsAnalyzeex-postconsequencesofIPOdecisionsData11years:1982-1992Comparesfirmseligibletogopublicvsfirmswentpublic139newlistingsontheMilanStockExchangeEliminated:b
2、ank,insurance,financialcompaniesFinalsample:69firmsofwhich29arecurve-outsSomeempiricalpredictions (See:TableII)InformationasymmetryhypothesisTheprobabilityofgoingpublicshouldbepositivelyrelatedwithage,sizeofafirmFinancingconstrainthypothesisTheprobabilityofgoingp
3、ublicshouldbepositivelyrelatedwithfirm’sinvestments,leverageandgrowthDiversificationhypothesisTheprobabilityofgoingpublicshouldbepositivelyrelatedwiththeriskinessofafirmEmpiricalResultsDeterminantsofIPOdecision:TableIIIEffectsoftheIPOdecision:TableIVOwnershipandO
4、peratingperformanceofIPOfirms(Mikkelson,Partch&Shah:JFE1997)Goingpublicrepresentsadeclineinthe(owner)manager’sstakesinthefirm.Agencytheorypredictsthattherewillbelessalignmentofshareholdersinterestwiththatofthemanagers.Assuch,firmperformancewilldeclineafterIPO.Emp
5、iricalresultsManagerialownershipdeclinessubstantiallyafterIPO.Yetsizeableownershipstakeremains.AsignificantdeclineinoperatingperformanceonlyinthefirstyearofIPO,butnotlateron.Operatingperformanceisunrelatedtomanagerialownership.Predictionofagencytheorydoesnothold!
6、ManagerscontinuetoremainlargeshareholdersOthermechanisms(incentivecompensation,takeoverthreat,etc.)playamoreimportantroleafterIPOthanownershipstakes.CapitalStructureHowshouldacompanychooseitsdebt-equitymixthatmakesitstotalmarketvalueaslargeaspossible?Docapitalstr
7、ucturechangesmatter?Whytheymatter?Arecapitalstructuredecisionsrelevant?Undertheassumptionofperfectcapitalmarket,capitalstructuredecisionsdonotaffectfirmvalueBut,whentheassumptionsarenotmet,firmvaluevarieswithchangesinthedebt-equitymixImperfections:Taxes,Financial
8、distresscosts,Agencycosts,AsymmetricinformationEmpiricalissuesHowtomeasurecapitalstructure?Whichfactorsdeterminecapitalstructure?Whyfirmschoosetoissueaparticul
