THE POST-ISSUE OPERATING PERFORMANCE OF IPO FIRMS

• 成果类型: Article
• 署名作者: JAIN, BA; KINI, O
• 署名单位: Emory University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.2307/2329268
• 发表日期: 1994
• 页码: 1699-1726
• 关键词: SUBSEQUENT EQUITY OFFERINGS; initial public offerings; management buyouts; beta; RISK

摘要

This article investigates the change in operating performance of firms as they make the transition from private to public ownership. A significant decline in operating performance subsequent to the initial public offering (IPO) is found. Additionally, there is a significant positive relation between post-IPO operating performance and equity retention by the original entrepreneurs, but no relation between post-IPO operating performance and the level of initial underpricing. Post-issue declines in the market-to-book ratio, price/earnings ratio, and earnings per share are also documented.