著名律师对全球一级市场 IPO 退市的影响

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Financial Innovation Pub Date : 2024-01-09 DOI:10.1186/s40854-023-00555-6

Fouad Jamaani, Manal Alidarous

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引用次数: 0

摘要

本研究旨在确定著名律师参与发行公司是否会影响首次公开募股（IPO）市场的退出情况。关于知名律师的参与如何影响 IPO 退出的证据很少。本研究使用了一个大型数据集，其中包括 1995 年 1 月至 2019 年 12 月期间在 22 个不同的 IPO 市场上成功上市或退出的 24,312 个 IPO。我们发现，IPO发行人可能会从与知名律师的合作中获益，利用卓越的法律或谈判能力作为质量认证信号，降低IPO投资者事前的不确定性。在此，目标是保护其 IPO 免于至少 22% 的撤回。多重稳健性测试验证了本研究结果的可靠性。这些发现对研究人员、立法者、投资者和发行人都有重要意义。

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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The impact of prestigious attorneys on IPO withdrawal in the global primary market

This study aims to determine whether the involvement of prestigious attorneys in issuing companies affects withdrawals in the initial public offering (IPO) market. There is little evidence on how the involvement of famous lawyers affects IPO withdrawal. The study considers a large dataset consisting of 24,312 IPOs that were either successful or withdrawn from 22 distinct IPO marketplaces between January 1995 and December 2019. We find that IPO issuers may benefit from engaging with reputed attorneys by leveraging exceptional legal or negotiating abilities as quality certification signals to reduce IPO investors’ ex-ante uncertainty. Here, the objective is to protect their IPOs from withdrawal of at least by 22%. Multiple robustness tests validate the reliability of the results of this study. These findings have significant implications for researchers, legislators, investors, and issuers.

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来源期刊

Financial Innovation Economics, Econometrics and Finance-Finance

CiteScore

11.40

自引率

11.90%

发文量

审稿时长

5 weeks

期刊介绍： Financial Innovation (FIN), a Springer OA journal sponsored by Southwestern University of Finance and Economics, serves as a global academic platform for sharing research findings in all aspects of financial innovation during the electronic business era. It facilitates interactions among researchers, policymakers, and practitioners, focusing on new financial instruments, technologies, markets, and institutions. Emphasizing emerging financial products enabled by disruptive technologies, FIN publishes high-quality academic and practical papers. The journal is peer-reviewed, indexed in SSCI, Scopus, Google Scholar, CNKI, CQVIP, and more.