Do IPO Firms Become Myopic?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-08-12 DOI:10.1093/rof/rfac054

Vojislav Maksimovic, G. Phillips, Liu Yang

引用次数: 0

Abstract

We compare the growth and responsiveness to demand shocks of post-IPO firms and their private counterparts. Using multiple measures of myopia and multiple ways to match IPO firms with private firms, we do not find evidence of myopic behavior by public firms. IPO firms respond more to investment opportunities and have higher productivity in their early public years. Our results on public firms’ sensitivity to growth opportunities hold under several robustness tests, including when we consider firms’ total growth including acquisitions. The results show the importance of matching public to private firms early in their life.

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IPO公司会变得近视吗？

我们比较了上市后公司和非上市公司的增长和对需求冲击的反应。通过对上市公司和非上市公司的多重近视测度和多重匹配方法，我们没有发现上市公司存在近视行为的证据。IPO公司在上市初期对投资机会的反应更积极，生产率也更高。我们关于上市公司对增长机会的敏感性的结果在几个稳健性测试下成立，包括当我们考虑公司包括收购在内的总增长时。研究结果表明，在他们的生命早期将公共公司与私营公司相匹配非常重要。

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

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.