The conventional and informational impacts of monetary policy on the IPO market

Samer Adra

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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 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.
Original languageEnglish
Article number109751
Number of pages5
JournalEconomics Letters
Volume200
Early online date2 Feb 2021
DOIs
Publication statusPublished - Mar 2021

Keywords

  • Information shocks
  • Initial public offerings
  • Monetary policy

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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