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Capital structure and ipo market timing in the U.S. high-tech industry

Bjørkman, Fredrik; Forina, Francesco Paolo
Master thesis
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[UPLOADED] Preliminary Thesis Report - Capital Structure and IPO Market Timing in the US Tech Industry.pdf (1.419Mb)
URI
http://hdl.handle.net/11250/2477117
Date
2017
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  • Master of Science [1117]
Abstract
The scope of this master thesis is to understand what drives the decision by

American firms to raise capital through initial public offerings. In particular we

assess whether American technology firms try to time the IPO market when they

decide to raise capital by testing the market timing theory of capital structure. Our

findings do not provide significant evidence to support the theory, however tech

firms show a stronger tendency to attempt to time markets compared to the overall

sample. We conclude that market timing, as defined by Alti (2006), is not the only

motivation driving financing decisions of high-tech companies.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2017
Publisher
BI Norwegian Business School

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