Innovation, appropriability, and the underpricing of initial public offerings

• 成果类型: Article
• 署名作者: Heeley, Michael B.; Matusik, Sharon F.; Jain, Neelam
• 署名单位: Colorado School of Mines; University of Colorado System; University of Colorado Boulder; Northern Illinois University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2007
• 页码: 209-225
• 关键词: LONG-RUN PERFORMANCE; r-and-d; information asymmetry; operating performance; MARKET; management; companies; patents; search; money

摘要

Using the information asymmetries theory of underpricing, we investigate the role of innovation in the underpricing of initial public offerings (IPOs). We develop and test a model in which patents reduce information asymmetries in industries where the link between patents and inventive returns is transparent, thereby reducing underpricing. Conversely, patents reflect increased information asymmetries and underpricing in industries where the link is not transparent. We examine these relationships in a sample of 1,413 IPOs and find strong support for our hypotheses. In so doing, we make an important theoretical contribution by showing that the IPO market contextualizes firm information.