Earticle

초록

영어

Recent theoretical studies [Benninga, Hermantel and Sarig (2005) and Zhang (2005)] argue that IPO firms are less risky than non-IPO firms and thus have lower long-run returns. If this is true, IPO firms must outperform riskier firms with some frequency, especially in the bad states of the world [Lakonishok, Shleifer, and Vishny (1994)]. Applying this framework, we find that IPOs rarely outperform non-IPO firms the few instances of IPO outperformance occur more often in good times and in bad times, IPO firms typically perform worse than matching non-IPO firms. These results are more consistent with the traditional notion that IPOs on average are riskier than non-IPO firms.

목차

Abstract
 I. Introduction
 II. Literature Review
 III. Sample selection
  3.1 IPO sample and Matching non-IPO sample
 IV. IPO performance measures
  4.1 Event-time buy-and-hold returns
  4.2 Calendar-time post-IPO portfolio returns
 5. Empirical results
  5.1 Are IPO firms fundamentally less risky?
  5.2 Why do IPOs not have lower risk?
 VI. Summary and conclusions
 References

저자

• Yong Hyeon Kim [ 김용현 | Hansei University ]
• Jinho Byun [ 변진호 | Ewha Womans University ]

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  한국재무학회 학술대회

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  2006~2024

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