Public market staging: The timing of capital infusions in newly public firms

• 成果类型: Article
• 署名作者: Hertzel, Michael G.; Huson, Mark R.; Parrino, Robert
• 署名单位: University of Texas System; University of Texas Austin; Arizona State University; Arizona State University-Tempe; University of Alberta
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2012.05.003
• 发表日期: 2012
• 页码: 72-90
• 关键词: Initial public offering; managerial incentives; Staging of capital; Cash holdings

摘要

We examine financing activities of newly public firms for evidence on capital staging in the public equity market. Staging (sequential financing) can increase issuance costs but can limit costs associated with overinvestment. We find evidence consistent with the hypothesis that staging is employed to help control the overinvestment problem in public firms. Initial public offering (IPO) proceeds, relative to external financing requirements, are smaller for firms with more intangible assets and more research and development (R&D)-intensive firms. Asset intangibility and R&D intensity are also both negatively related to the length of time from a firm's IPO to its first post-IPO capital infusion. (c) 2012 Elsevier B.V. All rights reserved.