Do IPO Firms Become Myopic?

被引：6

作者：

Maksimovic, Vojislav ^{[1
]}

Phillips, Gordon ^{[2
,3
]}

Yang, Liu ^{[1
]}

机构：

[1] Univ Maryland, College Pk, MD 20742 USA

[2] Tuck Sch Business Dartmouth, Hanover, NH USA

[3] NBER, Cambridge, MA 02138 USA

来源：

REVIEW OF FINANCE | 2023年 / 27卷 / 03期

关键词：

Initial public offerings (IPOs); Public and private firms; Myopic; Myopia; Underlying quality; MARKET; ACQUISITIONS; INVESTMENT; EFFICIENCY; PRIVATE; MODEL;

D O I：

10.1093/rof/rfac054

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We compare the growth and responsiveness to demand shocks of post-initial public offering (IPO) firms and their private counterparts. Using multiple measures of myopia and multiple ways to match IPO firms with private firms, we do not find evidence of myopic behavior by public firms. IPO firms respond more to investment opportunities and have higher productivity in their early public years. Our results on public firms' sensitivity to growth opportunities hold under several robustness tests, including when we consider firms' total growth including acquisitions. The results show the importance of matching public to private firms early in their life.

引用

页码：765 / 807

页数：43

共 26 条

[1] Corporate Acquisitions, Diversification, and the Firm's Life Cycle [J].