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首页> 外文期刊>The quarterly review of economics and finance >Motives and consequences of IPOs in cold periods
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Motives and consequences of IPOs in cold periods

机译：寒冷时期IPO的动机和后果

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We analyze the motives and long-term stock price performance of firms that pursue IPOs in cold IPO periods. We find that firms are more likely to engage in an IPO during a cold period when their earnings are relatively high and are expected to decline in the future. We also find that IPO firms during a cold period are more likely to have managed their earnings prior to the IPO. Furthermore, we find that cold IPO firms experience significantly weaker stock price performance than hot IPO firms, and results are robust to different criteria for defining hot and cold IPO periods, different measures of stock price performance, and different investment holding periods. We find that investment opportunities, the backing of a venture capitalist, and an increase in earnings in the year of the IPO lead to significantly higher long term stock price performance of IPO firms. Our multivariate models confirm the adverse cold IPO period effect on stock price performance even after controlling for the IPO motives and the firm's earnings performance. Our results also hold within the post-Sarbanes-Oxley (SOX) era.
机译：我们分析了在寒冷的IPO时期进行IPO的公司的动机和长期股价表现。我们发现，在寒冷时期，当公司的收益相对较高并且预计将来会下降时，它们更有可能进行IPO。我们还发现，处于寒冷时期的IPO公司更有可能在IPO之前管理其收益。此外，我们发现，冷上市公司的股票价格表现要比热上市公司的股票表现差很多，结果对于定义冷，热上市时间的不同标准，不同的股票价格业绩衡量标准和不同的投资持有期来说，结果是可靠的。我们发现，投资机会，风险资本家的支持以及IPO年份的收益增加导致IPO公司的长期股价表现显着提高。即使在控制了IPO动机和公司的盈利表现之后，我们的多元模型也证实了IPO期间寒冷对股票价格表现的不利影响。我们的结果也适用于后萨班斯·奥克斯利（SOX）时代。

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