The timing of initial public offerings

• 成果类型: Article
• 署名作者: Benninga, S; Helmantel, M; Sarig, O
• 署名单位: Reichman University; University of Groningen; University of Pennsylvania; Tel Aviv University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2003.04.002
• 发表日期: 2005
• 页码: 115-132
• 关键词: IPO; privatization; timing; Underpricing

摘要

We study the dynamics of IPOs by examining the tradeoff between an entrepreneur's private benefits, which are lost whenever the firm is publicly traded, and the gains from diversification. We characterize the timing dimension of the decision to go public and its impact on firm value and the evolution of firm risk over time. By endogenizing the timing of the decision to go public, we explain the clustering of IPOs and buyouts in time, the industry concentration of IPO waves, the high incidence of reprivatization of recent IPOs, and the long-run underperformance of recently issued stock relative to the shares of longer-listed companies. (C) 2004 Elsevier B.V. All rights reserved.