원문정보
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초록
영어
Recent theoretical studies [Benninga, Hermantel and Sarig (2005) and Zhang (2005)] argue that IPO firms are less risky than non-IPO firms and thus have lower long-run returns. If this is true, IPO firms must outperform riskier firms with some frequency, especially in the bad states of the world [Lakonishok, Shleifer, and Vishny (1994)]. Applying this framework, we find that IPOs rarely outperform non-IPO firms the few instances of IPO outperformance occur more often in good times and in bad times, IPO firms typically perform worse than matching non-IPO firms. These results are more consistent with the traditional notion that IPOs on average are riskier than non-IPO firms.
목차
Abstract
I. Introduction
II. Literature Review
III. Sample selection
3.1 IPO sample and Matching non-IPO sample
IV. IPO performance measures
4.1 Event-time buy-and-hold returns
4.2 Calendar-time post-IPO portfolio returns
5. Empirical results
5.1 Are IPO firms fundamentally less risky?
5.2 Why do IPOs not have lower risk?
VI. Summary and conclusions
References
I. Introduction
II. Literature Review
III. Sample selection
3.1 IPO sample and Matching non-IPO sample
IV. IPO performance measures
4.1 Event-time buy-and-hold returns
4.2 Calendar-time post-IPO portfolio returns
5. Empirical results
5.1 Are IPO firms fundamentally less risky?
5.2 Why do IPOs not have lower risk?
VI. Summary and conclusions
References
저자정보
참고문헌
자료제공 : 네이버학술정보