直接上市与首次公开募股的比较

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Anna Bergman Brown, Donal Byard, Jangwon Suh
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引用次数: 0

摘要

首次公开募股(IPO)和直接上市(DL)为企业提供了两种不同的上市机制。与首次公开发行(IPO)不同的是,直接上市(DL)不雇用承销商,也不筹集新资本。通过对欧盟主要股票市场的 IPO 和 DLs 进行抽样调查,我们发现,选择通过 DLs 上市的公司平均规模比 IPO 公司更大、盈利能力更强、杠杆率更低。这些上市前的差异表明,DL 公司的风险应低于 IPO 公司;然而,在控制了这种选择效应后,我们发现 DL 的售后市场价格波动性高于 IPO。这与一些政策制定者的担忧是一致的,即由于缺乏承销商,DLs 在上市后的短时间内会让投资者面临比 IPO 更高的风险。我们的研究表明,这种价格波动加剧的现象平均会持续到上市后的前 20 个交易日,而且在上市同行公司提供的信息披露质量相对较低的行业中,这种现象会更加严重。我们的研究结果提供了新的证据,说明了选择通过 DL 与 IPO 上市的公司类型,以及 IPO 与 DL 在上市后初期的风险性;此外,我们的研究结果与承销商在上市前提高 IPO 公司向投资者提供的信息质量是一致的。本文受版权保护。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A comparison of direct listings and IPOs

IPOs and direct listings (DLs) offer two different mechanisms for firms to go public. In contrast to IPOs, DLs do not employ an underwriter or raise new capital. Using a sample of IPOs and DLs on major stock markets in the European Union, we document that firms that choose to go public via DLs are larger, more profitable, and less levered, on average, than IPO firms. These pre-listing differences suggest that DL firms should be less risky than IPO firms; however, controlling for this selection effect, we find that DLs have higher aftermarket price volatility than IPOs. This is consistent with some policy-makers' concerns that, because they lack an underwriter, DLs expose investors to higher risk than IPOs in the immediate post-listing period. We show that this heightened price volatility persists, on average, for the first 20 trading days after listings, and is larger in industries where listed peer firms provide relatively low-quality disclosures. Our results provide new evidence regarding the types of firms that choose to list via DLs versus IPOs and the riskiness of IPOs versus DLs in the immediate post-listing period; additionally, our results are consistent with underwriters improving the quality of information available to investors for IPO firms in the pre-listing period.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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