IPO proceeds deployment and firm performance

IF 2.3 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2025-02-05 DOI:10.1111/jfir.12458

Mark R. Huson, Chong Meng

引用次数: 0

Abstract

Newly public incumbents (NPIs) experience negative price reactions to industry followers' initial public offerings (IPOs). We find that deploying IPO proceeds rapidly amplifies the negative impact of peer IPOs. These effects are larger for unprofitable NPIs and smaller for NPIs with better capital market access. Our findings underscore the importance of maintaining financial flexibility over the pursuit of a first-mover advantage in shaping NPIs' performance.

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IPO资金配置与公司业绩

新上市公司（npi）对行业追随者的首次公开募股（ipo）经历了负面的价格反应。我们发现，快速部署IPO资金会放大同行IPO的负面影响。这些影响对于不盈利的npi来说更大，对于资本市场准入更好的npi来说更小。我们的研究结果强调了在塑造npi绩效方面，保持财务灵活性比追求先发优势更重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.