title: Selection of a stock exchange for an IPO of a technology-based company
metadata.name: dc.contributor.author
metadata.value: Motovilov, Oleg V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Samylov, Ivan O.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Seidova, Madina S.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2019-11-26T10:26:40Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2019-11-26T10:26:40Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2019-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Motovilov, O. V., Samylov, I. O., Seidova, M. Sh. (2019) Selection of a stock exchange for an IPO of a technology-based company. St Petersburg University Journal of Economic Studies, vol. 35, issue 3, pp. 419–447.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2019.305
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/16637
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article examines factors influencing the choice of exchange platform used by the management
  of innovation-oriented companies, such as depth, accessibility, efficiency, and stability,
  as well as the level of underestimation of the shares of new issuers during an IPO. The authors
  formulate a series of hypotheses and show that the level of the depth of a site is directly
  dependent on the degree of development of the country's financial institutions for all types
  of sites (main and alternative), and on the level of trading intensity (but only for alternative
  ones). It was discovered that alternative sites of countries belonging to the Anglo-Saxon financial
  system are, on average, less concentrated than corresponding major exchange sectors.
  Regarding the underestimation of shares, it was shown that on the first day of trading, this is
  higher among Russian companies in the high-tech industry. A site selection algorithm is proposed
  that can be applied by managers of Russian innovation-oriented companies for making
  IPO decisions. This algorithm combines previously analyzed quantitative factors and a number
  of qualitative factors, which include the level of marketing and organizational support for
  new issuers, level of financial support for new issuers, and degree of company readiness to
  place shares on a specific site. The advantage is to take into account a wider set of factors that
  influence the decision to choose a site for an IPO of an innovation-oriented company and to
  consider opportunities offered by alternative stock exchanges for such issuers.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 35; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: technology-based companies
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: initial public offering
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: IPO
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: junior stock exchanges
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: underpricing of shares
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: revaluation of shares
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Selection of a stock exchange for an IPO of a technology-based company
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 419-447.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/16637/1/419-447.pdf
resources.format: Adobe PDF
resources.size: 1,38 MB