We investigate the financing strategies and valuation effects of 247 IPO firms at the "Neuer Markt" in Germany that either issued additional equity (SEO) or repurchased shares (SRP) within five years after going public. IPOs issuing additional equity exhibit a temporary outperformance before the...

Initial public offerings (IPOs) often engage in mergers and acquisitions (M&As) subsequent to going public which can reflect either exit or growth strategies. We analyze 2,679 entrepreneurial firms in Europe that went public between 1996 and 2010 and find a superior long-run performance of...

For entrepreneurial firms it is essential to develop new ideas and products, build a brand name and reputation, and expand manufacturing capacity to protect competitiveness and ensure long-run success and survival. For a sample of 2,679 European Initial Public Offerings (IPOs) we analyze how...