Dual track sell-out: signaling through IPO and underpricing

Siri, Andrea (A.A. 2012/2013) Dual track sell-out: signaling through IPO and underpricing. Tesi di Laurea in Advanced microeconomics, LUISS Guido Carli, relatore Gian Luigi Albano, pp. 33. [Master's Degree Thesis]

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Recent empirical analyses suggest the existence of a new exit strategy for private companies’ owners: the dual track sell-out. This paper aims to understand whether this strategy involves signals and why some firms undertake it more than others. I build a model depicting how going public and underpricing arise also as a response to asymmetric information. Target firms and market’s characteristics influence both signaling choices in equilibrium and conditions under which going public costs are offset by its benefits. It is shown that signaling plays a relevant role, answering why most firms dual tracking are characterized by valuation uncertainty.


Bibliografia: pp. 25-26.

Thesis Type: Master's Degree Thesis
Institution: LUISS Guido Carli
Degree Program: Master's Degree Programs > Master's Degree Program in Economics and Finance (LM-56)
Chair: Advanced microeconomics
Thesis Supervisor: Albano, Gian Luigi
Thesis Co-Supervisor: Ponti, Giovanni
Academic Year: 2012/2013
Session: Summer
Uncontrolled Keywords: Initial Public Offering. Underpricing. Signaling. Asymmetric information.
Deposited by: Maria Teresa Nisticò
Date Deposited: 09 Nov 2013 11:42
Last Modified: 19 May 2015 23:34
URI: https://tesi.luiss.it/id/eprint/10544


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