The Effect of Issuer Conservatism on IPO Pricing and Performance
The Effect of Issuer Conservatism on IPO Pricing and Performance
复制标题
DOI：
10.1093/rof/rfs018
复制
发表时间：
2013-07-01
影响因子：
4.4
通讯作者：
Liao, (Stella) Min-Yu
中科院分区：
文献类型：
--
作者：
Ferris, Stephen P.;Hao, (Grace) Qing;Liao, (Stella) Min-Yu
本文通过对首次公开发行招股说明书的文本分析，得出了招股说明书稳健性、IPO定价、后续经营业绩和股票收益表现之间关系的一些重要发现。首先，招股说明书保守性与定价过低呈正相关，科技类公司的这种关系比非科技类公司更为明显。其次，对于非技术类ipo，招股说明书保守性能够预测公司ipo后的经营业绩。具体而言，我们发现保守性与公司IPO后3年的经营业绩呈负相关。然而，这种可预测性仅限于非科技类ipo。最后，我们发现一些证据表明，对于非技术类ipo，保守性与公司上市后的异常股票收益呈负相关。我们得出结论，IPO招股说明书中包含的稳健性包含了有关定价、后续经营和股票回报表现的有用信息。此外，非科技类ipo招股说明书的保守性值得投资者更多关注。
Based on a textual analysis of initial public offering (IPO) prospectuses, we obtain a number of important findings regarding the relation between the conservatism in prospectuses, IPO pricing, and subsequent operating and stock return performance. First, prospectus conservatism is positively related to underpricing, with the relation more pronounced for technology than nontechnology firms. Second, for nontechnology IPOs, prospectus conservatism is able to predict the firm's post-IPO operating performance. Specifically, we find that conservatism is inversely related to the firm's operating performance for the 3 years following the IPO. However, this predictability is limited to nontechnology IPOs. Finally, we find some evidence that for nontechnology IPOs conservatism is inversely related to the firm's post-IPO abnormal stock return. We conclude that the conservatism contained in an IPO's prospectus contains useful information about pricing and subsequent operating and stock return performance. Moreover, prospectus conservatism for nontechnology IPOs deserves more attention from investors.