Trends in IPOS: the evidence from cee capital markets


  • Tomas Meluzin Brno University of Technology
  • Marek Zinecker Brno University of Technology



IPO, going public, trends, financial markets, CEE


The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the previous research. Applying descriptive statistics, relevant local developments are analysed first before being compared with leading European markets (London Stock Exchange and Deutsche Börse). We also investigated the assumption that a growing market has an explanatory power for the accelerating IPO activity. For this purpose we performed a Spearman correlation analysis. The data were evaluated at the significance level of ? = 5 %. All CEE capital markets recorded strong dynamism over the observed period. All fundamental capital market parameters increase the attractiveness of individual capital markets, although their values lag behind developed European capital countries. The sole leader in the region is Poland with a flourishing IPO market. Our assumption that a growing market has a positive impact on IPO activities could not be supported by empirical evidence.


Download data is not yet available.


Balcerzak, A. P. (2009). Effectiveness of the Institutional System Related to the Potential of the Knowledge Based Economy. Ekonomista, 6.
Balcerzak, A. P. (2011). Structure of Financial Systems and Development of Inno-vative Enterprises with High Grow Potential. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. Global Challenges and Politics of the Europe-an Union ? Consequences for the ?New Member States?, 59.
Balcerzak, A. P., & Pietrzak, M. B. (2016). Quality of Institutions for Knowledge-based Economy within New Institutional Economics Framework. Multiple Cri-teria Decision Analysis for European Countries in the Years 2000?2013. Eco-nomics & Sociology, 9(4). DOI: 10.14254/2071-789X.2016/9-4/4.
Black, B. S., & Gilson, R. J. (1998). Venture Capital and the Structure of Capital markets: Banks versus stock markets. Journal of Financial Economics, 47(3). DOI:
Brzeszczynski, J. IPOs in Emerging Markets. Retrieved from http://www.qfinance. com/financing-best-practice/ipos-in-emerging-markets? full (16.02.2014).
CEE Stock Exchange Group and its Capital Markets. Budapest, Ljubljana, Prague, Vienna: CEE Stock Exchange Group. Retrieved from (10.05. 2014).
Chemmanur, T. J., & Fulghiery, A. (1999). Theory of the Going-Public Decision. Review of Financial Studies, 12(2). DOI: 249.
Demirguc-Kunt, A., & Maksimovic, V. (1996). Financial Constraints, Uses of Funds and Firm Growth: an InternationalCcomparison. Policy Research Work-ing Paper, 1671, Washington D.C., World Bank.
Fałdziński, M., Balcerzak, A. P., Meluzín, T., Pietrzak, M. B., & Zinecker, M. (2016). Cointegration of Interdependencies Among Capital Markets of Chosen Visegrad Countries and Germany. In A. Kocourek & M. Vavrousek (Eds.). 34th International Conference Mathematical Methods in Economics MME 2016 Conference Proceedings. Liberec: Technical University of Liberec.
Federation of European Securities Exchanges, Statistics & Market Research. Re-trieved from (10.02.2014).
Groh, A., P., Von Liechtenstein, H., & Lieser, K. (2010). The European Venture Capital and Private Equity Country Attractiveness Indices. Journal of Corpo-rate Finance, 16(2). DOI:
Huyghebaert, N., & Van Hulle, C. (2006). Structuring the IPO: Empirical evidence on the portions of primary and secondary shares. Journal of Corporate Fi-nance, 12(2). DOI:
Jenkinson, T., & Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance. Oxford: Oxford University Press.
Kim, W., & Weisbach, M. S. (2008). Motivations for Public Equity Offers: An International Perspective. Journal of Financial Economics, 87(2). DOI:
Kominek, Z. (2003). Stock Markets and Industry Growth: an Eastern European Perspective. Working Paper, 81, London, EBRD.
Levine, R., & Zervos, S. (1998). Stock Markets and Economic Growth. American Economic Review, 88.
Lucas, R. E. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22.
Pagano, M., Panetta, F., & Zingales, L. (1998). Why do Companies Go Public: An Empirical Analysis. Journal of Finance, 53(1). DOI: 1111/0022-1082.25448.
Peterle, P. (2013). Internal Characteristics and External Factors of IPO Activities in Central and Eastern Europe: Empirical Analysis and Comparison. Working Pa-per. Ljubljana: Faculty of Economics of the University of Ljubljana.
Pietrzak, M. B., Fałdziński, M., Balcerzak, A. P., Meluzín, T., & Zinecker, M. (2017). Short-term Shocks and Long-term Relationships of Interdependencies Among Central European Capital Markets. Economics & Sociology, 10(1). DOI: 10.14254/2071-789X.2016/10-1/5.
PwC, IPO Watch Europe 2003-2012. Retrieved from (10.05.2014).
Rajan, R. G., & Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88.
Robinson, J. (1952). The Generalization of the General Theory. The Role of Inter-est and Other Essays. London: Macmillan.
Ritter, J. R., & Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations. Journal of Finance, 57(4). DOI:
Schumpeter, J. (2012). A Theory of Economic Development. Cambridge: Harvard University Press, Massachusetts.
Roženský, V. (2008). IPO na středoevropských akciových trzích. Thesis. Praha: Univerzita Karlova v Praze, Fakulta sociálních věd.
Sieradzki, R. (2013). Does It Pay to Invest in IPOs? Evidence from the Warsaw Stock Exchange. Working Paper, 139, Warsaw: National Bank of Poland.
Zinecker, M., Balcerzak, A. P., Fałdziński, M., Meluzín, T., & Pietrzak, M. B. (2016). Application of DCC-GARCH Model for Analysis of Interrelations Among Capital Markets of Poland, Czech Republic and Germany. In Proceed-ings of the International Scientific Conference Quantitative Methods in Eco-nomics Multiple Criteria Decision Making XVIII. Vratna: Letra Interactive.
Warsaw Stock Exchange, Fact Books 2003 ? 2013. Retrieved from (10.08.2014).
World Federation of Exchanges, Statistics. Retrieved from (10.08.2014).




How to Cite

Meluzin, T., & Zinecker, M. (2016). Trends in IPOS: the evidence from cee capital markets. Equilibrium. Quarterly Journal of Economics and Economic Policy, 11(2), 327–341.



Capital markets and financing for enterprises

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.