{"id":113164,"date":"2024-01-22T18:26:16","date_gmt":"2024-01-22T17:26:16","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/113164\/"},"modified":"2025-10-22T21:47:16","modified_gmt":"2025-10-22T19:47:16","slug":"when-and-why-do-austrian-companies-issue-shares","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/113164\/","title":{"rendered":"When and Why do Austrian Companies Issue Shares?"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-113164","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied concerning the aggregate factors that help to explain the time-series variation in both the numbers of and proceeds from initial public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues, but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and economic terms. The proceeds from IPOs, rather than funds raised by firms already listed, are used to finance subsequent investment.","onlinedate":"2009-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20091101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Capital structure\",\"Cost of capital\",\"Going public\",\"Initial public offerings\",\"Seasoned equity offerings\",\"Share issuance\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"36","monthly_report_pages":"229-244","monthly_report_pages_sort":"229","issue":"3","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3491],"collaboration":"","persons":[14897],"persons_data":"[{\"personId\":14897,\"personName\":\"Johann Burgstaller\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When and Why do Austrian Companies Issue Shares? 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