Date of Award


Degree Type

Doctoral Dissertation

Degree Name

Doctor of Business Administration (DBA)


Jack Welch College of Business


In partial fulfillment of the requirements for the degree of Doctor of Business Administration in Finance Sacred Heart University, Jack Welch College of Business and Technology, Fairfield, Connecticut.

Dissertation Supervisor

Dr. Lucjan T. Orlowski

Committee Member

Dr. Malvina Marchese

Committee Member

Dr. W. Keener Hughen


Initial public offerings (IPOs) continue to play a critical role in the capital markets and the overall economy. With the total number of IPOs remaining considerably below historic levels, developing a more thorough understanding of their drivers and how they vary under different conditions could benefit market participants and regulators. In this dissertation, I consider the relevant academic literature and extend the paradigm that stock market growth positively influences IPO activity, and market volatility tempers IPO volume—while also accounting for the present instability in the data through a regime-switching3 approach.

I will show that the interplay of the Chicago Board Options Exchange Volatility Index (VIX Index) and the Wilshire 5000 Total Market Index (Wilshire 5000 Index) returns, along with lagged IPO values, create both state and time dependency in the IPO market. These intertemporal results are meaningful for investment bankers, academic scholars, law firms, and professional investors participating in the IPO market.

JEL Classification

G17, G24, G32, C52, C32

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.