UK IPO underpricing and venture capitalists
UK IPO underpricing and venture capitalists
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英国IPO抑价与风险资本家
DOI：
10.1080/13518470802560915
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
A. Wood
中科院分区：
文献类型：
--
作者：
J. Coakley;Leon Hadass;A. Wood
我们分析了1985-2003年期间在伦敦证券交易所发行的591个首次公开募股（IPO）的独特样本的短期抑价的性质和原因。我们发现1998-2000年泡沫年与其他样本之间存在显着差异。风险资本家和信誉良好的承销商在后一时期发挥了认证作用，但在泡沫时期却没有。这些年的特点是价格低估显著增加，资金留在桌面上，经营质量下降。风险资本家和著名的承销商的组合越来越多地与1998-2000年期间见证的最高抑价相关，这为旋转假说提供了间接支持。
We analyze the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985–2003. We find significant differences between the 1998–2000 bubble years and the rest of the sample. Venture capitalists and reputable underwriters played a certification role in the latter period but not during the bubble years. These years featured significant increases in underpricing, money left on the table, and a decline in operating quality. The combination of venture capitalists and prestigious underwriters was increasingly associated with the highest underpricing witnessed during 1998–2000, which provides indirect support for the spinning hypothesis.