Publications-Periodical Articles
Article View/Open
Publication Export
Google ScholarTM
NCCU Library
Citation Infomation
Related Publications in TAIR
| Title | The IPO Derby: Are There Consistent Losers and Winners on This Track? |
| Creator | 湛可南 Chan, Konan;Cooney, John;Kim, Joonghyuk;Singh, Ajai |
| Contributor | 財管系 |
| Key Words | Initial public offerings; Investment banks; Earnings management; Underwriter reputation; and Venture-capital |
| Date | 2008-03 |
| Date Issued | 8-Jan-2015 18:02:47 (UTC+8) |
| Summary | Recent studies have documented that various factors such as discretionary accounting accruals, underwriter reputation, venture capital backing, and firm size will affect the long-run performance of IPOs. However, it is not clear whether the return predictability of these attributes are the manifestation of one phenomenon, or independent results. In this study, we use univariate and multivariate analyses on these factors to trace the sources of return predictability. We find that these previously identified effects are not the same phenomenon, though correlated to some extent. The results show that a confluence of these determinants is more important than any individual factor in explaining the IPO long-run performance. We also identify a subset of IPOs that outperform their benchmark and another subset that consistently underperforms. |
| Relation | Financial Management, 37(1), 45-79 |
| Type | article |
| dc.contributor | 財管系 | |
| dc.creator (作者) | 湛可南 | zh_TW |
| dc.creator (作者) | Chan, Konan;Cooney, John;Kim, Joonghyuk;Singh, Ajai | |
| dc.date (日期) | 2008-03 | |
| dc.date.accessioned | 8-Jan-2015 18:02:47 (UTC+8) | - |
| dc.date.available | 8-Jan-2015 18:02:47 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Jan-2015 18:02:47 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/72715 | - |
| dc.description.abstract (摘要) | Recent studies have documented that various factors such as discretionary accounting accruals, underwriter reputation, venture capital backing, and firm size will affect the long-run performance of IPOs. However, it is not clear whether the return predictability of these attributes are the manifestation of one phenomenon, or independent results. In this study, we use univariate and multivariate analyses on these factors to trace the sources of return predictability. We find that these previously identified effects are not the same phenomenon, though correlated to some extent. The results show that a confluence of these determinants is more important than any individual factor in explaining the IPO long-run performance. We also identify a subset of IPOs that outperform their benchmark and another subset that consistently underperforms. | |
| dc.format.extent | 187431 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Financial Management, 37(1), 45-79 | |
| dc.subject (關鍵詞) | Initial public offerings; Investment banks; Earnings management; Underwriter reputation; and Venture-capital | |
| dc.title (題名) | The IPO Derby: Are There Consistent Losers and Winners on This Track? | |
| dc.type (資料類型) | article | en |