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Testing a model of signals in the IPO offer process |
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| Authors: | David R Williams W Jack Duncan Peter M Ginter |
| Institution: | (1) Health Care Management Program, John A. Walker College of Business, Appalachian State University, 416 Howard Street, Boone, NC 28608, USA;(2) Graduate School of Management, University of Alabama at Birmingham, Birmingham, AL 35294-4460, USA;(3) School of Public Health, University of Alabama at Birmingham, Birmingham, AL 35294, USA |
| Abstract: | This study examines agency and market signals related to a sample of high-technology firms seeking an initial public offering (IPO). We test a model of the IPO offer process in high-technology firms. Results indicate that certain pre-market and primary market factors affect the offer price received by entrepreneurs and investors, while the secondary market factor did not. Our model may help entrepreneurs position their organization prior to and during the IPO process. |
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