Small Business Economics

, Volume 34, Issue 4, pp 445–463

Testing a model of signals in the IPO offer process

  • David R. Williams
  • W. Jack Duncan
  • Peter M. Ginter

DOI: 10.1007/s11187-008-9130-1

Cite this article as:
Williams, D.R., Duncan, W.J. & Ginter, P.M. Small Bus Econ (2010) 34: 445. doi:10.1007/s11187-008-9130-1


This study examines agency and market signals related to a sample of high-technology firms seeking an initial public offering (IPO). We test a model of the IPO offer process in high-technology firms. Results indicate that certain pre-market and primary market factors affect the offer price received by entrepreneurs and investors, while the secondary market factor did not. Our model may help entrepreneurs position their organization prior to and during the IPO process.


SignalsInitial public offeringHigh-technology industries

JEL Classifications


Copyright information

© Springer Science+Business Media, LLC. 2008

Authors and Affiliations

  • David R. Williams
    • 1
  • W. Jack Duncan
    • 2
  • Peter M. Ginter
    • 3
  1. 1.Health Care Management Program, John A. Walker College of BusinessAppalachian State UniversityBooneUSA
  2. 2.Graduate School of ManagementUniversity of Alabama at BirminghamBirminghamUSA
  3. 3.School of Public HealthUniversity of Alabama at BirminghamBirminghamUSA