Do Secondary Shares in the IPO Process Have a Negative Effect on Aftermarket Performance?
Do Secondary Shares in the IPO Process Have a Negative Effect on Aftermarket Performance?
复制标题
IPO过程中的二级股会对后市表现产生负面影响吗？
DOI：
10.1016/j.jbankfin.2006.09.016
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Jing Shi
中科院分区：
文献类型：
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作者：
James C. Brau;Mingsheng Li;Jing Shi
我们重新审视并扩展了第二次股票销售和IPO修订的主题。首先，我们测试，以确定是否二级股票销售构成一个负面的信号，是在售后市场的表现。我们发现，一般来说，二级股票销售与较差的初始或长期业绩无关，但高管和董事的销售与较差的长期回报相关。第二，我们研究了二级股票修改是否（1）反映了出售股东隐瞒私人信息的企图，或者（2）取决于公司是否能够达到筹集足够资本的目标。我们发现经验支持资本目标，但不是隐藏。
We revisit and extend the topic of secondary share sales and revisions in IPOs. First we test to determine if secondary share sales constitute a negative signal that is captured in aftermarket performance. We find secondary share sales in general are not correlated with poorer initial or long-run performance, but selling by officers and directors is associated with poorer long-run returns. Second, we examine if secondary share revisions (1) reflect selling shareholders’ attempts to conceal private information or (2) are contingent upon whether a firm can reach its goal of raising sufficient capital. We find empirical support for a capital goal, but not for concealment.