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首页> 外文期刊>Journal of Small Business Management >The Initial Public Offerings of Restaurant Firms: The Case of Industry-Specific Micromarket Capitalization Offerings
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The Initial Public Offerings of Restaurant Firms: The Case of Industry-Specific Micromarket Capitalization Offerings

机译：餐饮企业的首次公开发行：以特定行业的微型市场资本化发行为例

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摘要

We investigate the pricing characteristics of 59 initial public offerings (IPOs) of firms in the restaurant industry. Many of these offers are by extremely small micro-market capitalization companies, ones that are typically excluded from other studies of IPOs. We find that the choice of underwriter and the issuing company's subsequent financial performance significantly affect the level of underpricing and aftermarket performance. Companies that employ small, regional investment banking houses as underwriters fail to attract much investor interest, resulting in less underpricing and poorer aftermarket performance. In addition, investors appear to accurately appraise those firms that subsequently suffer from poor financial performance. This is demonstrated through greater underpricing to compensate investors for the greater perceived risk.
机译：我们调查了餐饮业中59家公司的首次公开募股（IPO）的定价特征。这些提议中有许多是由极小的微型市场资本化公司提供的，这些公司通常被其他IPO研究排除在外。我们发现，承销商的选择和发行公司随后的财务绩效会显着影响定价不足和售后市场的水平。雇用区域性小型投资银行机构作为承销商的公司未能吸引太多投资者的兴趣，从而导致定价偏低和售后市场表现不佳。此外，投资者似乎可以正确地评估随后遭受不良财务业绩的那些公司。通过更大程度地降低定价来补偿投资者更大的感知风险，可以证明这一点。

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