Initial Public Offerings: The Relevance of the Market Timing Hypothesis Under Conditions of the Czech Capital Market
Meluzín Tomáš, Zinecker Marek
Initial Public Offering, Market Timing Theory, Performance Measures, Czech Capital Market
In this article, the authors study the relevance of the market timing hypothesis of going public,
which tends to explain the lower post-issue operating performance of Czech initial public offerings.
The data collected under the conditions of the Czech capital market are compared with
the performance of companies selected from the main European stock exchanges, when they
decided to adopt the IPO strategy. Achieving the objective required an empirical survey that
involved a collection of accounting data in companies that had completed an initial public offer
in the Czech capital market. The data were evaluated by financial performance measures. The
comparisons were made using descriptive statistical methods. The research results broaden
and deepen the present understanding of the market timing hypothesis in companies going
public, particularly in the Czech Republic.
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