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[연구]The IPO Derby: Are There Consistent Losers and Winners on This Track?
2008.03.01 Views 1142 경영학연구분석센터
Financial Management
Volume 37, Issue 1, Spring 2008, Pages 45–79
Konan Chan, John W. Cooney Jr, Joonghyuk Kim, Ajai K. Singh
http://onlinelibrary.wiley.com/doi/10.1111/j.1755-053X.2008.00002.x/full
Abstract
We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long-run performance of initial public offerings (IPOs). We find that although correlated to some extent, these variables do not manifest the same underlying phenomena in their relation to IPOs' performance. The confluence of the variables is more important than using any one of them individually to identify IPOs that exhibit abnormal long-run stock returns. The combination of their negative aspects helps identify extreme underperformers. We also identify a set of winner IPOs by combining the positive aspects of the three variables.
Volume 37, Issue 1, Spring 2008, Pages 45–79
Konan Chan, John W. Cooney Jr, Joonghyuk Kim, Ajai K. Singh
http://onlinelibrary.wiley.com/doi/10.1111/j.1755-053X.2008.00002.x/full
Abstract
We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long-run performance of initial public offerings (IPOs). We find that although correlated to some extent, these variables do not manifest the same underlying phenomena in their relation to IPOs' performance. The confluence of the variables is more important than using any one of them individually to identify IPOs that exhibit abnormal long-run stock returns. The combination of their negative aspects helps identify extreme underperformers. We also identify a set of winner IPOs by combining the positive aspects of the three variables.