贷款市场受益（高）IPO定价过低

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2025-01-01 DOI:10.1016/j.jfi.2024.101132

Xunhua Su , Donghang Zhang , Xiaoyu Zhang

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引用次数: 0

摘要

我们提供了新的证据，对贷款市场的好处高IPO低定价。我们发现，更大的低估与公司内部ipo后借贷成本的显著降低有关。对于事前信息高度不对称的公司，这种定价过低的好处不那么明显，而且主要集中在对广告有高需求的公司。此外，无论是IPO前的价格调整，还是IPO后的短期或长期股票回报，都不会产生类似的效果。我们的研究结果表明，定价过低通过一个关注渠道影响借贷成本，并突出了贷款市场中定价过低的真实经济效应。

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Loan market benefits of (High) IPO underpricing

We provide novel evidence on the loan market benefits of high IPO underpricing. We show that greater underpricing is associated with a significantly larger within-firm reduction of post-IPO borrowing costs. This benefit of underpricing is less pronounced for firms with high ex-ante information asymmetry and is concentrated in firms with a high demand for advertisements. In addition, neither price revision before the IPO nor the short-term or long-term stock return after the IPO has a similar effect. Our results suggest that underpricing affects borrowing costs through an attention channel and highlight a real economic effect of underpricing from the loan market.

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.