Going public to acquire? The acquisition motive in IPOs

• 成果类型: Article
• 署名作者: Celikyurt, Ugur; Sevilir, Merih; Shivdasani, Anil
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; Koc University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.03.003
• 发表日期: 2010
• 页码: 345-363
• 关键词: initial public offerings; acquisitions; mergers; Acquisition currency

摘要

Newly public firms make acquisitions at a torrid pace. Their large acquisition appetites reflect the concentration of initial public offerings (IPOs) in mergers and acquisitions(M&A-) intensive industries, but acquisitions by IPO firms also outpace those by mature firms in the same industry. IPO firms' acquisition activity is fueled by the initial capital infusion at the IPO and through the creation of an acquisition currency used to raise capital for both cash- and stock-financed acquisitions along with debt issuance subsequent to the IPO. IPO firms play a bigger role in the M&A process by participating as acquirers than they do as takeover targets, and acquisitions are as important to their growth as research and development (R&D) and capital expenditures (CAPEX). The pattern of acquisitions following an WO shapes the evolution of ownership structure of newly public firms. (C) 2010 Elsevier B.V. All rights reserved.