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

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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
Early online date2 Feb 2021
Publication statusPublished - Mar 2021


  • Information shocks, Initial public offerings, Monetary policy

ASJC Scopus subject areas