The Determinants of IPO Withdrawal - Evidence from Europe

49 Pages Posted: 30 Jan 2018 Last revised: 19 Feb 2019

See all articles by Pia Helbing

Pia Helbing

The University of Edinburgh

Brian M. Lucey

Trinity Business School, Trinity College Dublin; Ho Chi Minh City University of Economics and Finance; Jiangxi University of Finance and Economics

Samuel Vigne

Trinity College (Dublin) - Trinity Business School

Date Written: January 15, 2018

Abstract

Why do companies, having filed for an IPO and incurred the costs thereof, not follow through? We investigate this by examining all common stock IPO's for the largest countries in Europe over the 2001-2015 period, covering more than 80% of the Western European IPO market by number and value. We identify key characteristics that influence the probability of withdrawal. Negative signals include venture capital or private equity involvement, the presence of negative news or the intent to retire debt. A number of these are in contrast to previous US based research, which highlights the importance of institutional and legal characteristics in research replication for Europe.

Keywords: Initial Public Offering; Europe; Withdrawal; Probit

JEL Classification: G14; G24; G32

Suggested Citation

Helbing, Pia and Lucey, Brian M. and Vigne, Samuel, The Determinants of IPO Withdrawal - Evidence from Europe (January 15, 2018). Available at SSRN: https://ssrn.com/abstract=3102438 or http://dx.doi.org/10.2139/ssrn.3102438

Pia Helbing

The University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

HOME PAGE: http://https://www.business-school.ed.ac.uk/staff/pia-helbing

Brian M. Lucey (Contact Author)

Trinity Business School, Trinity College Dublin ( email )

The Sutherland Centre, Level 6, Arts Building
Dublin 2
Ireland
+353 1 608 1552 (Phone)
+353 1 679 9503 (Fax)

Ho Chi Minh City University of Economics and Finance ( email )

59C Nguyen Dình Chieu
6th Ward, District 3
Ho Chi Minh City, Ho Chi Minh 70000
Vietnam

Jiangxi University of Finance and Economics ( email )

South Lushan Road
Nanchang, Jiangxi 330013
China

Samuel Vigne

Trinity College (Dublin) - Trinity Business School ( email )

Aras an Phiarsaigh
College Green
Dublin, Leinster D2
Ireland

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
473
Abstract Views
2,588
rank
85,773
PlumX Metrics