facing different financial frictions, and the decision to become publicly traded (Initial Public Offering, or IPO) is …. They finance investment with internal resources and debt and have the choice to go public (IPO). The main trade-off is … access to external equity financing, at a one-off cost of IPO and an increased cost of operation. The calibrated model is …

for a specified period of time following the IPO. However, some IPO firms agree to have a much longer lockup period than … other IPO firms, and some are willing to lockup a much larger proportion of shares. Thus, the primary research question for … agency theory. This study uses methods that have not been applied by previous studies in the literature relating to IPO …