技术创新与首次公开募股

Vojislav Maksimovic, Pegaret Pichler
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引用次数: 330

摘要

本文展示了技术风险和竞争风险如何影响新兴行业的私人和首次公开募股的时机。早期的私人融资发生在那些被认为有风险的行业,这些行业的开发成本高,被技术领先的竞争对手取代的可能性小。早期的公共融资发生在被认为可行的行业,开发成本低,流离失所的可能性小。由于金融市场和产品市场之间的反馈效应,投资者专有信息在非上市公司的价值大于首次公开发行公司。这意味着定价过低。这篇文章由牛津大学出版社代表金融研究学会发表在其期刊《金融研究评论》上。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Technological Innovation and Initial Public Offerings
This article shows how both technological and competitive risks affect the timing of private and initial public offerings in an emerging industry. Early private financing occurs in industries that are perceived to be risky, with high development costs and low probability of being displaced by technologically superior rivals. Early public financing occurs in industries perceived to be viable, with low development costs and low probability of displacement. Due to feedback effects between financial and product markets, the value of investors' proprietary information is greater in private than in initial public offerings. This has implications for underpricing. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
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