Leaders and Followers in Hot IPO Markets
Leaders and Followers in Hot IPO Markets
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热门 IPO 市场的领导者和追随者
DOI：
10.2139/ssrn.2020221
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
G. Pawlina
中科院分区：
文献类型：
--
作者：
Shantanu Banerjee;Ufuk Güçbilmez;G. Pawlina
我们对IPO浪潮中上市的动态进行建模。该模型预测，具有更好的增长机会的公司可以发现最佳的上市时间早，并接受其发行的信号质量的抑价。数据支持这一预测，因为平均而言，早期行动者对他们的问题进行了更大程度的低估，我们发现，领导者（具有高抑价的早期行动者）在上市时获得的估值比其他IPO公司高得多。此外，上市后，领导者的投资明显增加，销售增长更快，与其他IPO公司相比，他们的盈利能力仍然更高。
We model the dynamics of going public within an IPO wave. The model predicts that firms with better growth opportunities can find it optimal to go public early and accept underpricing of their issues to signal quality. Data supports this prediction as, on average, early movers underprice their issues significantly more and we show that leaders (early movers with high underpricing) obtain much higher valuations when going public than other IPO firms. Furthermore, after going public, leaders invest significantly more, their sales grow faster, and their profitability remains higher compared to other IPO firms.