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首页> 外文期刊>Journal of banking & finance >Are publicly held firms less efficient? Evidence from the US property-liability insurance industry
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Are publicly held firms less efficient? Evidence from the US property-liability insurance industry

机译：上市公司效率低下吗？来自美国财产责任保险业的证据

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This paper studies the performance of publicly held firms in the US property-liability insurance industry by analyzing companies that issued initial public offerings (IPOs) from 1994 to 2005, using private firms as the benchmark. 1 investigate ex ante determinants and ex post effects of IPOs on firm efficiency, operating performance, and other financials. I also analyze stock returns and follow-on SEO and acquisition activities to provide further information on IPO motivation. The paper finds that the likelihood of an IPO significantly increases with firm size and premium growth. IPO firms experience no post-issue under-performance in efficiency, operations, or stock returns; register improvement in allocative and cost efficiency; and reduce financial leverage and reinsurance usage. Moreover, IPO firms are active in follow-on SEO issues and acquisition activities. The findings are mostly consistent with the theory that firms go public for easier access to capital and to ease capital constraints.
机译：本文通过分析以私人公司为基准的1994年至2005年发行了首次公开募股（IPO）的公司，研究了美国财产责任保险行业中上市公司的业绩。 1调查事前决定因素和IPO对公司效率，运营绩效和其他财务状况的事后影响。我还将分析股票收益以及后续的SEO和收购活动，以提供有关IPO动机的更多信息。该论文发现，随着公司规模和溢价的增长，首次公开募股的可能性大大增加。 IPO公司在效率，运营或股票收益方面均不会出现发行后表现不佳的情况。记录分配和成本效率方面的改进；并减少财务杠杆和再保险的使用。此外，IPO公司积极参与后续的SEO问题和收购活动。这些发现与公司上市以更容易获得资本和缓解资本约束的理论基本一致。

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