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IPOs in the US: the impact of macroeconomic factors - an empirical study for the years 2000-2019
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This thesis investigates the impact of macroeconomic factors on IPO activity in the US for the years 2019 using time-series econometric methods.It is found that the S&P 500 has a significant positive impact while the volatility of the S&P 500 has a significant negative impact on IPO activity. Furthermore, the number of IPOs positively affects IPO activity with a lag. No evidence is found for a significant effect of the CPI, industrial production, the federal funds rate or treasury bond yields on IPO behaviour. Contrary to earlier studies, no equilibrium relationship between IPOs and macroeconomic variables could be established.1
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Initial public offerings Macroeconomic determinants Var Granger causality Forecasting