Detail publikace

Macroeconomic Factors and Initial Public Offerings in Poland

MELUZÍN, T. ZINECKER, M. KOVANDOVÁ, S.

Originální název

Macroeconomic Factors and Initial Public Offerings in Poland

Typ

článek ve sborníku ve WoS nebo Scopus

Jazyk

angličtina

Originální abstrakt

The CEE countries primary capital markets still seem to be rather poorly developed. The only exception has been represented by Poland. The Warsaw Stock Exchange belongs to the European stock exchanges with the highest number of completed IPOs. The aim of this study is to indicate the influence of macroeconomic factors, consequently GDP growth rates, the reference interest rate, industrial production growth rates, Warsaw Stock Exchange Index (WIG) and the volume of private equity investments on the numbers of IPOs in an emerging market, Poland, over the period of 1992 to 2012. The Spearman correlation analysis is used to identify the relations between the macroeconomic (external) determinants and the number of IPOs. The findings can be summarized as follows: A statistically significant difference was found to exist between firstly the number of IPOs and GDP growth rates and secondly between the number of IPOs and industrial production growth rates. On the other hand, the hypothesis that the reference interest rate have explanatory power for the number of IPOs could not be supported by empirical evidence; neither two other factors, i.e. Warsaw Stock Exchange Index and the volume of private equity investments.

Klíčová slova

Initial Public Offerings (IPOs), Macroeconomic Factors, External Determinants, Corporate Capital Structure, Central and Eastern Europe (CEE), Poland

Autoři

MELUZÍN, T.; ZINECKER, M.; KOVANDOVÁ, S.

Rok RIV

2014

Vydáno

1. 1. 2014

Nakladatel

WSEAS Press

Místo

Athens, GREECE

ISBN

978-960-474-360-5

Kniha

Mathematical Methods in Finance and Business Administration

Edice

WSEAS

Číslo edice

1

Strany od

132

Strany do

138

Strany počet

7

BibTex

@inproceedings{BUT105946,
  author="Tomáš {Meluzín} and Marek {Zinecker} and Sylvia {Plottová}",
  title="Macroeconomic Factors and Initial Public Offerings in Poland",
  booktitle="Mathematical Methods in Finance and Business Administration",
  year="2014",
  series="WSEAS",
  number="1",
  pages="132--138",
  publisher="WSEAS Press",
  address="Athens, GREECE",
  isbn="978-960-474-360-5"
}