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Abstract This paper provides the first investigation of the exogenous monetary shocks’ impact on the IPO market by using a high-frequency identification strategy. Contractionary shocks in the conventional sense trigger… Click to show full abstract
Abstract This paper provides the first investigation of the exogenous monetary shocks’ impact on the IPO market by using a high-frequency identification strategy. Contractionary shocks in the conventional sense trigger a decline in IPO activity. In contrast, contractionary shocks that convey positive economic information trigger a rise in IPO activity. Separating conventional monetary shocks from central bank information shocks allows a richer assessment of the monetary policy’s influence on the IPO market.
Journal Title: Economics Letters
Year Published: 2021
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