Same bed different dream composition of IPO shares and withdrawal decisions in weak market conditions
Same bed different dream composition of IPO shares and withdrawal decisions in weak market conditions
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DOI：
10.1007/s11187-019-00169-2
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发表时间：
2018-05
影响因子：
6.4
通讯作者：
Pengda Fan;Kazuo Yamada
中科院分区：
文献类型：
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作者：
Pengda Fan;Kazuo Yamada
本文的目的是研究在疲软的股票市场条件下，IPO退出决策与二级股票数量之间的关系。我们的研究结果表明，退出决定取决于谁计划在IPO时出售他们的股票。研究结果如下。风险投资公司的二级股票与IPO退出决策正相关。只有当ceo的保留所有权较低时，ceo的二级股票才会相关，而当ceo的保留所有权较高时，二级股票则不相关。这些结果表明，风险投资利润最大化行为是决定IPO退出的关键变量。
The aim of this paper is to investigate the relationship between the IPO withdrawal decision and the number of secondary shares during the weak stock market conditions. Our results suggest that the withdrawal decision is determined by who plans to sell their shares at the IPO. The findings are as follows. The secondary shares of VCs are positively correlated with an IPO withdrawal decision. The secondary shares of CEOs are only correlated when the CEOs retained ownership is low, and not when CEOs retained ownership is high. These results imply that the VC profit maximization behavior is a key variable in determining IPO withdrawal.