The Desire to Acquire and IPO Long-Run Underperformance

被引：63

作者：

Brau, James C. ^{[1
]}

Couch, Robert B. ^{[2
]}

Sutton, Ninon K. ^{[3
]}

机构：

[1] Brigham Young Univ, Marriott Sch, Provo, UT 84602 USA

[2] Willamette Univ, Atkinson Grad Sch Management, Salem, OR 97301 USA

[3] Univ S Florida, Tampa, FL 33620 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2012年 / 47卷 / 03期

关键词：

INITIAL PUBLIC OFFERINGS; STOCK RETURNS; POSTACQUISITION PERFORMANCE; ISSUES PUZZLE; FIRMS; OVERCONFIDENCE; ENTREPRENEURS; ACQUISITIONS; TAKEOVERS; REALITY;

D O I：

10.1017/S0022109012000233

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze 3,547 initial public offerings (IPOs) from 1985 through 2003 to determine the impact of acquisition activity on long-run stock performance. The results show that IPOs that acquire within a year of going public significantly underperform for 1-through 5-year holding periods following the 1st year, whereas nonacquiring IPOs do not significantly underperform over these time frames. For example, the mean 3-year style-adjusted abnormal return is 15.6% for acquirers and 5.9% for nonacquirers. Our cross-sectional and calendar-time results suggest that the acquisition activity of newly public firms plays an important and previously unrecognized role in the long-run underperformance of IPOs.

引用

页码：493 / 510

页数：18

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