This enabled us to identify their reactions both before and after the IPO. In addition, 5 telephone interviews were conducted with financial analysts covering the firms, lasting for 30 min on average. Thus, our results build on interviews with both corporate executives within the firms and financial analysts outside them, whereas previous research relies on informants from within the firms (for an exception, see Roberts et al., 2006). It should be noted, however, that our access to interview financial analysts was limited, and thus our findings mainly reflect the top managers’ points of view.